Market Commentary - Foreign Markets
US stocks end higher; S&P 500 renews fresh record highs As on : 25-Sep-24  10:57

U.S. stocks ended higher on Tuesday after a somewhat choppy ride, and the S&P 500 hit a fresh record high, as investors made largely cautious moves while awaiting more data for directional cues. The Dow, which kept moving in and out of positive territory, ended with a gain of 83.57 points or 0.2 percent at 42,208.22, after hitting a fresh record intra-day high of 42,208.22. The S&P 500 closed up 14.36 points or 0.25 percent at 5,732.93, slightly off the all-time high of 5,735.32, and the Nasdaq climbed 100.25 points or 0.56 percent to 18,074.52.

Among stocks, Nvidia's shares jump followed reports that its CEO had stopped selling shares. Estee Lauder (6.11%) and China stocks like Alibaba (7.9%) and JD.com (13.9%) rallied after China unveiled aggressive stimulus to boost growth.

On the economic front, the Conference Board said it consumer confidence index tumbled to 98.7 in September from an upwardly revised 105.6 in August. Fed officials, including Austan Goolsbee, signaled the need for more rate cuts, potentially focusing on the labor market. Markets are now looking forward to additional economic data this week for further guidance, including the PCE reports, the Fed's preferred inflation gauge. US 10-year benchmark rate retreated from September highs, currently trading at 3.75%.

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