Markets Gain at Midday Amid Optimism About Future Fed Moves


Key Takeaways

  • U.S. equities were higher at midday on Tuesday, Oct. 10, 2023, amid optimism the Fed might pull back on its tight monetary policy following comments by Fed officials.
  • Shares of Amazon, Walmart, and Target gained as Amazon began its October Prime Day sales.
  • Qorvo shares declined as Citi warned it could lose market share in China for smartphone chips.

U.S. equities rose at midday amid optimism the Fed could ease back on its inflation-fighting monetary tightening following comments by Fed officials. The Dow, S&P 500, and Nasdaq were all up.

Truist Financial (TFC ) shares jumped following reports the financial company is in talks to sell its insurance brokerage unit to private equity firm Stone Point for $10 billion.

Shares of Amazon (AMZN), as well as rivals Walmart (WMT) and Target (TGT), gained as Amazon kicked off its October Prime Day sales. PepsiCo (PEP) shares advanced as the soda and snack maker beat profit and sales estimates and raised its outlook as it benefited from higher prices.

Shares of Qorvo (QRVO) fell after Citi downgraded the stock and slashed the price target, warning of competition for smartphone chips in China.

Juniper Network (JNPR) shares also declined after the networking products maker cut more than 400 jobs as part of a restructuring aimed at boosting its profit. Shares of Brown & Brown (BRO) slipped as the insurance brokerage announced it had completed its $63 million purchase of Britain’s Kentro Capital Limited.

Gold prices extended their rise and the yield on the 10-year Treasury sank as concerns about the Israel-Hamas war led investors to seek so-called “safe haven” investments.

Oil futures pulled back from yesterday’s gains. The U.S. dollar was up on the yen, but dropped versus the euro and pound. Most major cryptocurrencies traded lower.


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