Investing.com – U.S. stock indexes rose in after-hours trading on Thursday, against a backdrop of strong economic data, which eased lingering fears of a possible recession, while the indices increase from semiconductor stocks.
It rose 0.1% after earlier rising to a new high in today’s session. Although it rose 106 points, or 0.3%, and advanced by 0.2%.
This comes in conjunction with the rise in gold prices to an all-time high during these hours of trading on Thursday, with growing expectations of an interest rate cut by the Federal Reserve. US after important economic data and uncertainty regarding the US presidential elections, which has stronger demand for bullion.
Chip stocks led the gains, clawing back some of their recent losses. Artificial intelligence company Nvidia Group (NASDAQ:) rose 2% and hit an all-time high early Thursday morning. This came after TSMC (NYSE:), a major supplier to Nvidia and other chip manufacturers, announced … While TSMC shares jumped 11%.
Positive data for the markets
Wall Street also received good news from new economic data. US retail sales rose slightly more than expected in September, supporting views that the economy maintained a strong pace of growth in the third quarter.
The Commerce Department’s Census Bureau said Thursday that it rose 0.4% last month after an unaudited 0.1% increase in August. Economists had expected retail sales, which are mostly goods and not subject to inflation adjustment, to rise by 0.3%. Estimates ranged from no change to an increase of 0.8%.
Signs of economic stability will likely not prevent the Fed from cutting interest rates again next month, but will raise expectations for a smaller cut of around 25 basis points in borrowing costs.
Last month, the US Federal Reserve began a cycle of easing monetary policy with an unusual half-percentage-point cut in the interest rate, lowering it to a range of 4.75%-5.00%, amid concerns that increasingly about the labor market. The Fed raised interest rates by 525 basis points in 2022 and 2023 to curb inflation.
Spending and the overall economy are supported by strong income growth, abundant savings as well as strong household balance sheets. Although labor market volatility has slowed, layoffs remain historically low, supporting wage gains.
The data comes after a profitable day on Wall Street, where the Dow Jones outperformed its rivals to close at an all-time high after releasing strong quarterly results.
Stock movements
Shares of Lucid Motors (NASDAQ:) saw a noticeable decline of about 16% to $2.76 in these hours of today’s trading, as this comes after the company that specializes in the production of electric cars announced its plan to sell 262.4 million shares of its common stock in a public offering valued at approximately 860 million shares, based on Wednesday’s closing price.
Canon ( OTC: ) shares decline about 0.4%, while NEO ( NYSE: ) shares decline about 5.2%.
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Markets at 17:33 Riyadh time
It is now up 0.57% to $2,706 an ounce.
It rose 0.66% to the level of $2691 per ounce.
On the other hand, contracts rose by 0.26% to a level of 103.66 points.
Meanwhile, crude futures rose 0.3% to $74.4 a barrel.
While it rose 0.5% to the level of $70.7 per barrel.
2024-10-17 14:47:00
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