The Dow Jones rose more than 400 points after trading on Wednesday publication of the minutes of the September 17-18 Fed meeting showed how officials agreed to a half-point interest rate cut. Despite being divided over the economic outlook and unsure how aggressive to be, the Fed cut 50 basis points – the first in more than four years.
Investors are now turning their attention this week’s upcoming inflation reportwhich is expected to provide more insight into the direction of the economy.
In the late afternoon, the Dow Jones Industrial Average rose 410 points, or 1.08%. The tech-heavy Nasdaq and S&P 500 were up 0.5% and 0.7%, respectively. Oil prices also fell, pushing the international benchmark Brent crude closer to $72 per barrel.
Alphabet shares disappear after filing with DOJ
Google parent company Alphabet (GOOG) shares fell more than 2% the Justice Department could consider breaking up Google after a federal judge ruled in August that the tech giant monopolized the online search engine market.
To tackle Google’s monopoly, the Justice Department said in a court file On Tuesday, the company will find solutions that can prevent and limit any current and future maintenance of the company’s dominance in the search market.
Nvidia’s market capitalization surpasses Microsoft again
Nvidia stock (NVDA) seems to be and climbs back to June’s record high. Shares of the AI chipmaker rose nearly 1% at the open Wednesday. Nvidia’s rising stock price has pushed its market cap past that of Microsoft.MSFT) once more.
In Wednesday morning trading, the chipmaker’s market capitalization reached $3.26 trillion, while Microsoft’s was $3.09 trillion. Both followed Apple’s (AAPL) market cap of $3.44 trillion. In June, Nvidia briefly surpassed Apple in total market capitalization and crossed the $3 trillion threshold for the first time. Just a few weeks later the time had come overtook both Apple and Microsoft to become the most valuable listed company in the world at that time.
Boeing shares fall as the strike continues
Boeing (BA-2.41%) withdrew its latest offer to union machinists on Tuesday after negotiations collapsed strike enters its fourth week. The Arlington, Virginia-based company’s offer – which it called its “best and final proposal” – included a 30% pay increase for the 33,000 factory workers who have been on the picket line since September 13 after rejecting a tentative labor agreement.
–Rocio Fabbro, William Gavin and Britney Nguyen contributed to this article.
