The S&P 500 is approaching another record close, with investors shifting focus to the upcoming third-quarter earnings season, which officially begins Friday as several major banks release their results.
Despite rising geopolitical tensions in the Middle East and uncertainties surrounding the U.S. elections, investors have remained optimistic, buoyed by strong economic data. On Tuesday, a tech-driven rally pushed the S&P 500 within reach of a new all-time high.
Meanwhile, China’s stimulus-induced rally is fading, affecting U.S.-listed companies like Alibaba.
Key market updates:
- U.S. indexes climbed, with the Dow industrials leading the charge.
- Treasury yields remained stable at just over 4%.
- Cruise lines saw significant gains, with Norwegian Cruise Line and Carnival emerging as top performers in the S&P 500 following stock upgrades from analysts.
- Chinese stocks faced turbulence, as the Shanghai Composite dropped 6.6% and Hong Kong’s index fell 1.4%.
- Brent crude prices fell nearly 2%.
- The Federal Reserve’s September meeting minutes revealed a split among officials on the extent of future interest rate cuts.
