- The S&P 500 advanced 0.5% on Tuesday, Oct. 10, 2023, amid optimism that the Federal Reserve may take a more cautious view about more interest rate hikes to fight inflation.
- Bond yields plunged and gold prices continued to rise as the fighting between Israel and Hamas sent investors looking for so-called “safe haven” investments.
- Falling interest rates helped boost demand for solar energy stocks.
U.S. equities rose in Tuesday’s session, with the S&P 500 adding 0.5% following suggestions that the Federal Reserve may take a more cautious approach to raising interest rates in its effort to bring down inflation.
The fighting between Israel and Hamas contributed to a move higher in gold prices and a plunge in the yield on the 10-year Treasury note as investors looked to so-called “safe haven” investments. The markets also saw an impact from a slide in oil futures after they had shot up the day before amid concerns about the fighting in the Middle East.
Truist Financial (TFC ) shares led the S&P 500 higher, adding 6.6% following a report that the financial company is negotiating the sale of its insurance brokerage unit to private equity firm Stone Point for $10 billion.
Shares of Amazon (AMZN) rose 1% as the giant retailer began its October Prime Day sales.
Netflix (NFLX) shares dropped 3% as the streaming service’s U.K. subscriber growth last month was the slowest ever.
Juniper Network (JNPR) shares lost 1.3% as the networking products maker reduced its workforce by more than 400 as part of a restructuring designed to increase profit.
Brown & Brown (BRO) shares declined 1% after the insurance brokerage indicated that it had completed its $63 million purchase of Britain’s Kentro Capital Limited.