October 18, 2024October 18, 2024

Stock Market Today: Dow futures trade near record while gold rally continues

Posted By: keaton

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How are stock-index futures trading:

S&P 500 futures increased 4 points, or 0.07%

Dow Jones Industrial Average futures fell 30 points, or 0.07%

Nasdaq 100 futures increased 60.5 points, or 0.29%

On Thursday, the Dow Jones Industrial Average rose 161 points, or 0.37%, to 43,239, the S&P 500 declined 1 point, or 0.02%, to 5,841, and the Nasdaq Composite gained 7 points, or 0.04%, to 18,374.

Stock futures on Friday indicated markets will continue trading around record highs following a strong set of results from Taiwan Semiconductor Manufacturing Co. on Thursday and the European Central Bank’s 25 basis point interest rate cut.

TSMC’s results, in which it reported a 54% increase in its third quarter profits, helped lift markets in the U.S. and Asia while giving a 3% boost to Nvidia. The ECB’s interest cut, in turn, paved the way for the start of an easing cycle that is now expected to see a series of back-to-back rate cuts.

Investors, meanwhile, pared back bets the Federal Reserve will follow in the ECB’s footsteps with markets now predicting America’s central bank will pause its interest rate cuts in at least one of their meetings within the next six months.

Israel on Thursday also reported its forces had killed Hamas leader Yahya Sinwar, in news that buoyed gold on Thursday and is providing support again on Friday. Israel still yet to respond to strikes made by Iran at the start of October.

Investors on Friday will now be waiting for September data from the U.S. on housing starts and building permits while tuning into Federal Reserve Governor Christopher Waller speech in Vienna. American Express, Procter & Gamble, and Schlumberger are all on Friday set to publish financial results.

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