Stocks in the US edged higher on Thursday, with the S&P 500 headed for its ninth consecutive day of gains. The rise in stocks is attributed to solid third-quarter earnings results. The Nasdaq is also on track for its tenth straight gain, while the Dow broke its winning streak on Wednesday.
So far, 90% of S&P 500 companies have reported their earnings, with 82% beating profit estimates by a median of 7%. Additionally, 59% of these companies have exceeded revenue estimates by a median of 3%, according to data from Fundstrat.
Investors are looking forward to Federal Reserve Chairman Jerome Powell’s speech at the International Monetary Fund Conference, where they hope to gain insight into the current state of inflation and potential Fed rate hikes.
At the 9:30 a.m. opening bell, US indexes stood at the following levels:
Here’s what else is going on today:
In commodities, bonds, and crypto:
– West Texas Intermediate crude oil climbed 1.25% to $76.27 a barrel, while Brent crude, the international benchmark, rose 1.19% to $80.49 a barrel.
– Gold dropped 0.06% to $1,956.70 per ounce.
– The 10-year Treasury yield rose 1 basis point to 4.52%.
– Bitcoin jumped 5.38% to $37,554.
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