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Wall Street Gets a Boost From Major Growth Stocks; Fed Expected to Hold Interest Rates

EditorVenkatesh Jartarkar
Published 10/30/2023, 01:06 PM
Updated 10/30/2023, 01:06 PM
© Reuters

Wall Street's primary stock indexes experienced a significant boost today, buoyed by substantial gains in major growth stocks. Companies including Nvidia (NASDAQ:NVDA), Amazon.com (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Alphabet (NASDAQ:GOOGL), and Tesla (NASDAQ:TSLA) saw increases between 1.3% and almost 3%. The communication services and consumer discretionary sectors led the gains among the S&P 500 sub-indexes, each rising around 1.5%, while the technology sector saw a rise of about 1%.

McDonald's (NYSE:MCD) shares also climbed today, escalating by 0.7% following a surpassing of third-quarter profit and sales estimates. On the contrary, Onsemi's shares took a hit, plummeting 14.5% due to a bleak fourth-quarter revenue and profit forecast.

In the coming week, companies such as Apple (NASDAQ:AAPL), Pfizer (NYSE:PFE), and Eli Lilly (NYSE:LLY) are set to announce their earnings. Amidst a resilient economy, the Federal Reserve is anticipated to maintain steady interest rates according to the CME Group's (NASDAQ:CME) FedWatch tool.

In global economic news, the Bank of England and the Bank of Japan are soon expected to disclose their interest rate decisions based on the performance of the world's largest economy.

In unrelated international news, Israeli troops launched ground operations in Gaza within the Palestinian enclave.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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