Growth Stocks Boost Wall Street Ahead of Fed Minutes

Growth Stocks Boost Wall Street Ahead of Fed Minutes

The main indices of wall street rose on Wednesday (23), with growth stocks advancing after a series of economic data led to a drop in Treasury yields, as investors awaited the minutes of the last monetary policy meeting of the Federal Reserve.

Apple Inc, Microsoft Corp, Amazon.com Inc and Meta Platforms Inc were up between 0.4% and 0.7%.

Tesla Inc jumped 5.2%, outperforming its peers, after Citigroup raised shares of the electric vehicle maker to “neutral” from a previous “sell” rating.

Stocks were benefiting from a drop in 10-year Treasury yields after a bigger-than-expected rise in jobless claims last week.

Meanwhile, US business activity contracted for the fifth straight month in November, while consumer sentiment improved. New home sales rose more than expected in October.

The disparate data reinforced expectations of a 0.50 percentage point increase in interest rates at the Fed’s next meeting, in December.

Investors now await details of the Fed’s latest monetary policy meeting with the release at 4pm (Brasília time) of the minutes of the meeting.

“The market is looking for hints of a change. They really want to see some kind of signal that the Fed understands that inflation may be coming down,” said Brian Klimke, chief investment officer at Cetera Investment Management LLC.

At 1:19 pm (Brasília time), the Dow Jones rose 0.28%, to 34,192.54 points. The S&P 500 gained 0.57% to 4,026.48 points, while the Nasdaq advanced 1.04% to 11,290.64 points.

Source: CNN Brasil