Nasdaq Composite Sets New Record High on Wall Street
U.S. stock indices rose on Monday due to falling oil prices and gains in shares of major technology companies, reports Interfax.
The Nasdaq Composite index closed at 27,477.31 points, setting a new record high. The 1.05% increase was driven by shares of Nvidia (+2.1%), Microsoft (+1.5%), and Meta (+1.9%), although Apple and Amazon stocks slightly declined.
Weak U.S. labor market data reduced expectations of a Federal Reserve interest rate hike in October. According to CME FedWatch data cited by Interfax, the probability of such a decision fell to 21.6% from 70.9% a week earlier. This week, investors are awaiting the release of the minutes from the Fed's September meeting and a speech by Federal Reserve Board Governor Christopher Waller to clarify future policy.
The top gainer in the S&P 500 index was PTC Inc., with a 33.5% increase in market capitalization following the announcement that France's Schneider Electric will acquire the company for $22.6 billion. Shares of logistics company C.H. Robinson fell by 10.9% after announcing the acquisition of competitor RXO for $5.8 billion, including debt.
