On Thursday, the Dow Jones Industrial average reached a record closing high, while the S&P 500 and Nasdaq ended the day nearly unchanged. Investors reacted to mixed quarterly earnings reports and strong economic data. Notably, technology stocks, especially semiconductor companies like Taiwan Semiconductor Manufacturing (TSMC), saw gains after TSMC exceeded earnings expectations and projected critically important revenue growth for the fourth quarter.
Gold prices surged to a record high amid uncertainties surrounding the upcoming U.S. presidential election and expectations of potential interest rate cuts by the Federal Reserve. The dollar also strengthened, reaching an 11-week high following better-than-expected retail sales data that bolstered confidence in the U.S. economy.
in europe, shares rallied as well after the European central bank announced a widely anticipated interest rate cut while providing limited guidance on future monetary policy moves. Simultaneously occurring, U.S. Treasury yields rose slightly as economic indicators suggested stability in the economy but allowed for a gradual approach to lowering rates.
Crude oil prices increased slightly due to ongoing geopolitical tensions in the Middle East combined with declining U.S. inventories and positive economic signals from various sectors.