Stock market today: Wall Street ticks higher as more earnings come in ahead of Fed rate decision

Trader Edward McCarthy works on the floor of the New York Stock Exchange, Wednesday, Nov. 6, 2024. A board above the trading floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Wednesday, Nov. 6, 2024. A currency trader walks by the screens showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Nov. 7, 2024.

Lyft jumped close to 24% in extended trading overnight after the ride-hailing app breezed past Wall Street’s sales and profit expectations and raised its forecast for the fourth quarter and full year. Inflation in the U.S. has retreated on a similar track, and the broad expectation is that the Federal Reserve will cut its rate by another quarter-point later Thursday.In Asia, Japan’s Nikkei 225 fell 0.3% to 39,381.41, reflecting worries over the potential for a revival of trade tensions under a Trump administration.

“We expect shipments to stay strong in the coming months –- any drag from potential Trump tariffs may not materialize until the second half of next year,” Huang said. Francis Lun, CEO of Geo Securities, said domestic issues were a greater concern than tariffs. “People want the government to spend some money to boost the economy, instead of looking outward,” he said.

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