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Good morning. The S&P 500 and the Nasdaq both closed at record highs Tuesday, and today the Fed releases the minutes of its September meeting at 2:00 PM ET.
The Market Gauge
The S&P 500 rose 44.98 points, or 0.58%, to a record close of 7,818.93. The Nasdaq composite gained 0.45% to 27,599.89, also a record and its fifth straight winning session. The Dow Jones Industrial Average added 253.38 points, or 0.49%, to 51,521.28.
Nearly every sector rose. Software, AI networking and power stocks led, and Constellation Energy jumped about 12% after signing a 20-year power deal with Alphabet. Not everything joined in: the small-cap Russell 2000 fell about 0.6%, and biotech and medical-testing stocks sold off hard, with the ARK Genomics ETF down nearly 9%. The 10-year Treasury yield eased to about 5.27% after hitting a 22-year high Monday, and U.S. crude held near $89 a barrel.
Investor’s Business Daily says the market continues to act well, with many growth stocks flashing buy signals, and keeps its recommended exposure at 80% to 100%. Its caution: breadth is still a concern, and the biotech drop is a reminder not to pile too much money into one group.
Beginner note: “Breadth” means how many stocks take part in a move. On Tuesday the S&P 500 set a record while small caps fell, so fewer stocks did the lifting. That is not a sell signal, but it is a reason to judge the market by its leading stocks as well as by the index.
On today’s calendar
Constellation Brands call, 8:00 AM ET. The importer of Corona and Modelo beer reported after Tuesday’s close. Today’s open is the first full session to react to the numbers.
NY Fed Survey of Consumer Expectations, 11:00 AM ET. A monthly survey of what households expect for inflation, jobs and their own income. Rising inflation expectations can make the Fed more cautious.
Fed minutes, 2:00 PM ET. The detailed notes from the Federal Open Market Committee’s September 15-16 meeting. Traders read them for clues about how officials are thinking ahead of the next meeting on October 27-28. Stocks can swing in the last two hours after they come out.
Consumer credit, 3:00 PM ET. The Fed’s monthly count of how much Americans owe on credit cards, car loans and other consumer debt.
After the close: Applied Digital and Levi Strauss. Applied Digital, which builds and runs data centers for AI computing, releases results with a call at 5:00 PM ET. Levi Strauss holds its quarterly call at 5:00 PM ET, a read on how shoppers are spending on clothes.
On the radar: Arista Networks
$ANET ( ▲ 4.09% ) Arista Networks makes the high-speed network switches and software that move data between servers inside cloud and AI data centers. The stock rose 4.09% Tuesday to 215.36, a record close, after touching an all-time intraday high of 216.07. Volume was 6.97 million shares, about 10% above its average of 6.36 million.
IBD says Arista cleared a handle buy point and that its relative strength line also hit an all-time high. The stock is on the IBD 50 and IBD Sector Leaders lists. Its next earnings report is expected November 3.
Why it’s worth watching: The relative strength line compares a stock’s performance with the S&P 500. When that line hits a new high along with the price, the stock is beating the market, a trait William O’Neil found in many big winners before their largest runs. The caution is volume. IBD’s guideline is a breakout on volume at least 40% above average, and Tuesday’s move came in well below that, so the next few sessions will show whether big investors keep buying.
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Educational content only. Not financial advice. Past performance does not predict future results. Read the full financial disclosure.
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