The S&P 500 closed near session highs, with all but three of the 11 industry groups advancing. The tech-heavy Nasdaq 100 also caught bids, while the Dow Jones Industrial Average outperformed, rising as much as 1.5 per cent with health-care names topping the leaderboard. The Russell 2000 rallied, reversing losses in afternoon trading. Stocks gained for a second day ahead of U.S. midterms.
Meanwhile, Facebook parent Meta Platforms Inc. rallied on plans to cut jobs. Tesla Inc. was the biggest drag on the S&P 500 as the stock continued to sell off in the wake of Chief Executive Officer Elon Musk’s purchase of Twitter Inc. Apple Inc. bounced back from earlier losses triggered by a report saying it expected to produce at least three million fewer iPhone 14 handsets than originally anticipated this year.
Swaps markets are leaning toward a 50 basis-point Fed rate increase in December, after a fourth consecutive jumbo hike to a target range of 3.75 per cent to 4 per cent at last week’s meeting. Rates are expected to peak slightly above 5 per cent around mid-2023.
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