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Monday saw a rebound in major stock indices, following Federal Reserve member Jefferson’s comments suggesting that Fed policies would remain unchanged. This caused the probability of a year-end rate hike to settle at 27%, leading to gains across the Dow, S&P, and NASDAQ of 144, 19.36, and 32.45 points respectively.
Large-cap stocks also responded positively to the news. Microsoft (NASDAQ:), Apple (NASDAQ:), Meta (NASDAQ:), Alphabet (NASDAQ:), and Netflix (NASDAQ:) all experienced upticks in their trading values. The only exception was Nvidia (NASDAQ:), which saw a $3.60 drop in its share price. Meanwhile, Amazon (NASDAQ:)’s trading value remained relatively stable.
The week concluded with the start of the third quarter earnings season, featuring financial giants JP Morgan and Citigroup (NYSE:). The results of these earnings reports could provide further insights into the market’s reaction to Fed Jefferson’s comments and the potential impact on future Federal Reserve policies.
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