The S&P 500 (^GSPC 1.27%) rose 0.50% to 6,950.15, the Nasdaq Composite (^IXIC 1.50%) added 0.43% to 23,601.36, and the Dow Jones Industrial Average (^DJI 1.39%) climbed 0.64% to 49,412.41 as solid macro data offset lingering volatility ahead of this week’s Fed decision and earnings deluge.
Market movers
Ad-tech player The Trade Desk (TTD 2.38%) slid after negative analyst commentary flagged rising competitive pressure and easier customer switching in a generative‑AI landscape. Company-specific news also helped sink the stock even as tech stocks had a strong day.
What this means for investors
Investors expect the Fed to keep rates unchanged at its meeting this week, but the upcoming pick for a new Fed chairman is the bigger news right now. The new chairman will take the job with spot gold and other metals surging as investors seek alternatives to equities amid a growing U.S. deficit.
Gold broke above $5,000 per ounce today, and the dollar weakened further. U.S. consumers are still spending, however, keeping the economy humming. Yet geopolitical risks and trade tensions remain.
Tech investors pushed past AI valuation and correction risks today. But The Trade Desk sank after the unexpected departure of its chief financial officer (CFO), Alex Kayyal, was announced. A new interim CFO was named, and the change is effective immediately. No reason for the change was given, but the company tried to help soothe investor anxiety by reaffirming its fourth-quarter guidance.
