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Stock Market Today: Dow Rides Hopes for 'Fed Pivot' to Close Higher

Stock Markets Oct 04, 2022 04:03PM ET
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By Yasin Ebrahim

Investing.com -- The Dow soared for a second straight day Tuesday, riding high on hopes that the Fed could pivot from its hawkish path of monetary policy tightening as data showed signs of slowing labor demand.  

The Dow Jones Industrial Average gained 2.8%, or 826 points, the Nasdaq was up 3.3%, and the S&P 500 rose 3%.

Job openings fell to the lowest since June last year, and were “very broad-based and spanned most industries and all business sizes,” Jefferies said in a note.

If the slowdown in labor demand continues and core inflation, which excludes food and energy prices, “falls as much as we expect the Fed will not be hiking by 125bp by the year end,” Pantheon Macroeconomics said Tuesday.

Treasury yields continued their retreat in the wake of bets of a less hawkish Fed, helping growth sectors of the economy including tech to build on Monday’s gain.

Apple (NASDAQ:AAPL) ended up 2.5%, while Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) rose more than 3%. 

Twitter (NYSE:TWTR), meanwhile, jumped 22% as Elon Musk is reportedly set to end his legal battle with the social media giant and proceed to acquire the firm at the previously agreed $54.20 per share.

The u-turn from Musk is “a clear sign that Musk recognized heading into Delaware Court that the chances of winning [against] Twitter board was highly unlikely,” Wedbush said in a note.

Energy stocks were the biggest sector outperformer as oil prices climbed 3% a day ahead of an OPEC+ meeting Wednesday that is expected to culminate in a decision to curb oil production.

Hess (NYSE:HES), Halliburton (NYSE:HAL) and Marathon Oil (NYSE:MRO) were among the biggest gainers, each up more than 6%.

In other news, Rivian Automotive (NASDAQ:RIVN) jumped nearly 14% after the electric pickup truck maker said it remained on track to produce 25,000 vehicles in 2022.

Other automakers were also in the ascendency as General Motors (NYSE:GM) rose more than 8%, while Ford Motor (NYSE:F) was up almost 8% after reporting a 16% jump in third-quarter sales.

Stock Market Today: Dow Rides Hopes for 'Fed Pivot' to Close Higher
 

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Comments (33)
Devin Nathaniel
Devin Nathaniel Oct 04, 2022 8:33PM ET
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fed want a "collapse". u had to understand it. a "pain"
JIM VETTER
JIM VETTER Oct 04, 2022 8:33PM ET
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How many times do these bulls "hope" for a pivot and the Fed governors continue to say " higher rates for longer" before they get it??
Devin Nathaniel
Devin Nathaniel Oct 04, 2022 8:27PM ET
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not a bottom yet. if u look in apple chart, u have to understand it.
rob finch
rob finch Oct 04, 2022 8:26PM ET
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goodbye bps. goodbye eps. hello pps? no bear bottom yet.
Warm Camp
Warm Camp Oct 04, 2022 6:33PM ET
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Talk about “pivot” is not serious. Reasonable folks use this rally to take profits, accumulating cash for next drop. Oil stocks are the only safe play around.
Kris Jay
Kris Jay Oct 04, 2022 6:33PM ET
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i have never heard so much talk about "fed pivot" before.  where is this coming from?  The Fed has been clear they are hiking rates until inflation comes down to 2%.   if it tanks the economy, that will give the desired result.   housing, labor, energy everything still high, no news which says that core CPI has dropped to 2% or even now just 3x that.  its really odd, its as if someone has a mission, a narrative which they put out that gives an antire audience of traders hope that the fed will stop hiking rates before the 2% goal is acheived.    At the same time we have earnings recession, Q3 earnings and projections are going to be far more important.
JIM VETTER
JIM VETTER Oct 04, 2022 6:33PM ET
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from perma- bulls who can't, or won't, look at the facts. And manipulators who pump and dump. Dumb and Dumber
Jins Ho
Jins Ho Oct 04, 2022 6:25PM ET
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So when the market goes down again, it's rate hike fears?
jose goncalves
jose goncalves Oct 04, 2022 6:13PM ET
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This is a market reaction to the news Buffet back to shopping!
Warm Camp
Warm Camp Oct 04, 2022 6:13PM ET
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Buffett buys oil.
Mitchel Pioneer
Mitchel Pioneer Oct 04, 2022 6:08PM ET
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BIGGEST INVESTMENT JOKE IN THE WORLD.
Patrick Joly
Patrick Joly Oct 04, 2022 6:08PM ET
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New short version of same ********
Mitchel Pioneer
Mitchel Pioneer Oct 04, 2022 6:08PM ET
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Another miracle in the laughingstock of the investing world.  Another 800 point tightrope walk to a closing high.  The intraday volatility magically vanishes.  None of the intraday shenanigan's seen during every loss.  FRAUDULENT, CRIMINALLY MANIPULATED JOKE.
Robert La Fontaine
Robert La Fontaine Oct 04, 2022 5:31PM ET
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Do we get a “buy the rumor, sell the fact” OPEC+ outcome,…..
 
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