The S&P 500 nabbed a fresh record close on Thursday, its 42nd this year, after upbeat economic data eased concerns that a potential economic downturn drove the Federal Reserve's recent interest rate cut. Both the Dow and Nasdaq added triple digits as Micron Technology's (MU) post-earnings pop gave the chip sector a boost, but the former fell short of another all-time peak today.
Continue reading for more on today's market, including:
- 2 space stocks with plenty of upside potential.
- More on Micron Technology's strong report.
- Plus, LUV's surge; other airline stocks to watch; and GEHC downgraded.
5 Things to Know Today
- Super Micro Computer (SMCI) tumbled 15% after the Department of Justice (DoJ) reportedly opened a probe into the company. (CNBC)
- Citigroup (CITI) and private equity firm Apollo Global Management (APO) are forming a $25 billion program to make private business loans. (MarketWatch)
- Southwest Airlines stock looks ripe for a short squeeze.
- More airline stocks to consider amid sector tailwinds.
- Analyst: Sell GE HealthCare Technologies stock.
Oil Prices Tumble on Saudi Arabia's Plans
Oil prices tumbled to roughly two-week lows on Thursday, amid reports that Saudi Arabia will abandon its price target of $100 per barrel and increase production. Plus, Hurricane Helene is expected to miss a significant portion of the Gulf of Mexico. November-dated West Texas Intermediate (WTI) crude fell $2.02, or 2.9%, to settle at $67.67 per barrel.
Meanwhile, gold prices settled higher as investors continue to speculate on additional interest rate cuts, providing a halo lift to silver prices. Gold for December delivery was last seen 0.4% higher at $2,694.20.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
