Stock Market Update
01-Nov-24 11:00 ET
Stocks trade up despite rising rates; AMZN, TSLA boost consumer disc. sector
Dow +464.79
at 42228.25,
Nasdaq +226.04
at 18321.19,
S&P +55.19
at 5760.64
[BRIEFING.COM] The Russell 2000 outperforms other major indices, trading 1.4% higher. The Nasdaq Composite and S&P 500 trade up 1.0% and 0.8%, respectively.
Stocks have maintained their upside bias despite rising market rates. The 10-yr note yield, which hit 4.22% after the October jobs report, is at 4.33% now.
The rate-sensitive S&P 500 utilities sector is alone in negative territory, trading 0.3% lower in response to the jump in rates. On the flip side, the consumer discretionary sector leads the pack, trading 3.3% higher thanks to the earnings-related gain in Amazon.com (AMZN 199.87, +13.47, +7.5%) and a gain in Tesla (TSLA 252.21, +2.35, +0.9%).
