01/11/2024

Stocks Rise as Megacaps Lead

Meanwhile, investors eye inflation data and earnings

On Wednesday, U.S. stocks rose, building steam on strength in megacaps; however, gains were limited ahead of inflation reports and major bank earnings later in the week.

Microsoft, Meta Platforms and Nvidia were the biggest boosts to the S&P 500 index, as the benchmark 10-year Treasury note yield held near 4 percent and a $37 billion auction of the notes drew above-average demand.

Communication services was the best performing of the 11 major S&P sectors, lifted by a roughly 4 percent rise in Meta Platforms' stock to the highest level since September 2021, after Mizuho raised its price target to $470 from $400.

Please select this link to read the complete article from Reuters.