Market Commentary - Foreign Markets
US stocks close higher; Dow and S&P 500 post record highs As on : 24-Sep-24  11:14

US equities closed higher on Monday and the Dow and S&P 500 posted record highs. The Dow ended up by 61.29 points or 0.15 percent at 42,124.65. The S&P 500 closed up 16.02 points or 0.28 percent at 5,718.57, while the Nasdaq settled with a gain of 25.95 points or 0.14 percent at 17,974.27. Among stocks, shares of Intel jumped 3.4% following reports of potential multibillion-dollar investments from Apollo Global Management. Tesla climbed 4.9% as investors look forward to the much-anticipated robotaxi launch and the upcoming third-quarter sales figures.

Investors closely assessed comments from several policymakers to understand the rationale behind the Fed's significant 50 basis-point rate cut. Fed officials, including Raphael Bostic, Neel Kashkari, and Austan Goolsbee, expressed support for the recent cut and indicated a preference for additional rate reductions in the upcoming months. Reports on durable goods orders, new home sales and consumer confidence are likely to attract attention along with a report on personal income and spending that includes the Fed's preferred inflation gauge.

Meanwhile, the yield on the US 10-year Treasury note extended gains to approach 3.78%, the highest level since the beginning of September, after S&P Global PMIs continued to point to a robust although slowing growth in the US private sector. The expansion was led by services while the contraction in the manufacturing deepened. The dollar index held its recent advance to around 101 on Tuesday.

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