Fed Rate Cut Expected; Tesla Shares Dip Despite Sales Rise
Money markets anticipate a quarter-point Fed rate cut this month, with another expected in December. Tesla shares dipped after sales rose, while the Nasdaq 100 and Philadelphia Semiconductor Index hit records. Knorex Ltd debuted on the NYSE American, and the yield on the 10-year Treasury fell. Oil prices dropped as OPEC+ supply fears grew, and OpenAI's valuation soared. The Trump administration's job cuts plan did not significantly impact the market, with the S&P 500 and dollar ending mixed.
Money markets are almost fully pricing a quarter-point Fed rate cut by the end of the month, with another expected in December to boost the labor market. Tesla Inc. shares fell 5.1% after the company reported a surprise increase in quarterly vehicle sales. Meanwhile, the tech-heavy Nasdaq 100 climbed to a second-consecutive record, ending Thursday higher. The Philadelphia Semiconductor Index jumped 1.9%, led by Advanced Micro Devices Inc. and Intel Corp. Knorex Ltd started trading on the NYSE American under the symbol 'KNRX' on September 29, 2025, following a $12 million IPO. The yield on the benchmark 10-year Treasury fell to 4.08%. Oil prices dropped as West Texas Intermediate dipped below $61 a barrel, touching the lowest level in four months. Fears of a global glut deepened due to expectations of OPEC+ restoring more idled supply. The deal for OpenAI catapulted the firm to the world's most valuable startup, with a valuation of $500 billion. The Trump administration's plans to slash 'thousands' of federal jobs in the second day of a government shutdown did not significantly impact the market by the end of the session. The S&P 500 eked out a 0.06% gain, erasing a 0.3% drop, while the dollar climbed, marking its first advance after four-days of losses.
Market expectations for Fed rate cuts remain high, while Tesla's sales growth did not prevent a share price decline. Tech indices reached new heights, and Knorex Ltd made a successful stock market debut. Bond yields fell, oil prices dropped, and OpenAI's valuation surged. The impact of the Trump administration's job cuts plan on the market was limited, with the S&P 500 and dollar ending mixed.
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