Stock market news today: Stocks rally, Dow rises 500 points as investors bet on end to Fed hikes

from Chair Jerome Powell's comments on the decision is that the US central bank will stick with keeping rates unchanged in December.Traders are now pricing in an 85% chance there will be no more Fed hikes this year, compared with 59% odds the day before its policymakers' meeting,after hours as the highlight in a packed Thursday.

Platform revenue, which includes ad sales, revenue from distribution deals, and the over-the-top streaming service The Roku Channel, came in at $744 million — up 18% on the year after declining 1.5% in the first quarter and growing 11% in Q2. Roku said overall US ad spend on traditional linear TV was down 12% year over year, while traditional TV ad scatter, or the ad inventory not purchased at the Upfronts, sank 27% compared to 2022, citing data from theit's launching new AI-powered tools for merchants. Notably, Shopify also announced operating expenses were $779 million in the most recent quarter, down 23% from the same period last year.) shares slumped 18% at the open, the stock's largest decline since November 2021.

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