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Here are 5 essential points financiers require to recognize to begin the trading day:
1. Making a comeback
Stocks rallied Wednesday, with all the significant indexes liquidating the session greater. The S&P 500 and the Nasdaq Composite saw their best day since February. The broad market index advanced 1.58% to finish at 5,522.30, and the tech-heavy Nasdaq jumped 2.64% to close at 17,599.40. The Dow Jones Industrial Average gained 0.24% to end the session at 40,842.79. At session highs, the Dow jumped 1.1%, and the S&P and Nasdaq saw gains of 2.1% and 3.2%, respectively.Ă‚Â Megacap tech names made a comeback during Wednesday’s trading session, with Nvidia posting its best day since Feb. 22 after advancing 12.8%. Others, such as Apple, Meta Platforms and Amazon, were also higher. Follow live market updates.
2. Holding steady
Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting at the William McChesney Martin Jr. Federal Reserve Board Building on July 31, 2024 in Washington, DC.Ă‚Â
Andrew Harnik | Getty Images
It’s yet another meeting with no change in rates. On Wednesday, Federal Reserve officials announced they’re holding short-term interest rates steady. However, they did specify that inflation is getting closer to the central bank’s target, meaning rate cuts could be on the horizon. When speaking with reporters following the decision, Fed Chair Jerome Powell said that a rate cut could come as early as September if inflation continues to ease. “If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September,” Powell said.
3. Mega Meta
Mark Zuckerberg, chief executive officer of Meta Platforms Inc., during an interview on “The Circuit with Emily Chang” at Meta headquarters in Menlo Park, California, US, on Thursday, July 18, 2024.Ă‚Â
Jason Henry | Bloomberg | Getty Images
4. Oh no IPO
Bill Ackman, CEO of Pershing Square Capital Management, speaks during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations,” in New York on Nov. 28, 2023.
Jeenah Moon | Bloomberg | Getty Images
5. Changing of the guard
Kelly Ortberg, former CEO of Rockwell Collins Inc., stands for a photograph at the company’s production facility in in Manchester, Iowa, on Aug. 31, 2016.
Daniel Acker | Bloomberg | Getty Images
There’s going to be a new sheriff in town over at Boeing. The airline manufacturer announced that Robert “Kelly” Ortberg – a veteran of the aerospace industry with more than three decades of experience – will replace Dave Calhoun as CEO. Ortberg is slated to start Aug. 8. “There is much work to be done, and I’m looking forward to getting started,” Ortberg said in a news release from the company. In March, Boeing said Calhoun would be stepping down by year’s end as part of a broader company shake-up, which came after a Boeing 737 Max 9 door plug blew out on an Alaska Airlines flight earlier in the year.
— CNBC’s Pia Singh, Alex Harring, Jeff Cox, Jesse Pound, Jonathan Vanian, Hakyung Kim and Leslie Josephs contributed to this report.
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