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Stocks Snag More Records; Fed Cuts Rates

All three major indexes extended their record highs earlier in the day

Deputy Editor
Nov 7, 2024 at 4:25 PM
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All three major indexes hit record highs once again during today's session, extending yesterday's surge after the Presidential election. The Nasdaq and S&P 500 both nabbed record closes as well, the former with a triple-digit win, while the Dow finished flat.

All eyes were on Washington this afternoon, after the Federal Reserve cut interest rates by a widely anticipated 25 basis points and investors unpacked comments from Fed Chair Jerome Powell. Treasury yields remained lower in response, with the 10-year last seen near 4.32%.

Continue reading for more on today's market, including:

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5 Things to Know Today 

  1. AppLovin (APP) is continuing its outperformance as it skyrockets after earnings today. (CNBC)
  2. Tech startup Kalshi and Interactive Brokers (IBKR) subsidiary ForecastEx LLC reported that millions were bet on the Presidential election through their platforms. Just how much? $132 million and $538 million, respectively. (MarketWatch)
  3. Key inflation data due out next week. 
  4. Qualcomm stock challenges resistance levels after beat-and-raise
  5. Arm stock surges on quarterly win. 

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Oil, Gold Prices Rise

Oil prices finished the day higher as traders continue to speculate on the impact of Trump's election. December-dated West Texas Intermediate (WTI) crude rose 67 cents, or 0.9%, to settle at $72.36 a barrel. 

Gold prices rose today as well, on the back of a retreat in the U.S. dollar. Gold futures settled 1.1% higher at $2,705.80.

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