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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
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Equities 3 MIN READ

Nasdaq leads Wall Street rebound after weaker-than-expected data

October 4, 2023By Reuters
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NEW YORK, Oct 4 – US stocks ended higher and the Nasdaq gained more than 1% on Wednesday, a day after a sell-off, as the latest economic data showed US private payrolls increased less than expected in September.

Consumer discretionary rose 2%, leading S&P 500 sectors higher, followed by communication services and technology, as US Treasury yields eased off of 16-year highs.

The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer.

“On a technical basis, we’re probably a little bit oversold,” said Oliver Pursche, senior vice president and advisor for Wealthspire Advisors in Westport, Connecticut.

Recent weakness had brought the S&P 500 near its 200-day moving average, currently at around 4,203.

“This September we saw a shift in both strategist and investor belief,” he said. “It seems like it finally sunk in that interest rates are going to remain higher for longer, and that the idea that the Fed is going to cut rates any time soon is fictional.”

Other data on Wednesday showed new orders for US-made goods increased more than expected in August, although Friday’s jobs report for September is the week’s key economic news.

The Dow Jones Industrial Average rose 127.17 points, or 0.39%, to 33,129.55, the S&P 500 gained 34.3 points, or 0.81%, at 4,263.75 and the Nasdaq Composite added 176.54 points, or 1.35%, at 13,236.01.

Several mega-cap shares including Amazon.com (AMZN) were higher on the day.

Ford Motor (F) was near flat even as the automaker posted a nearly 8% rise in US auto sales for the third quarter.

Investors looking for non-economic data to focus on are keen for third-quarter earnings reports to kick off mid-month. S&P 500 company earnings are expected to have risen 1.6% year-over-year for the quarter, according to LSEG data.

Volume on US exchanges totaled 10.50 billion shares, compared with the 10.63 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered decliners on the NYSE by a 1.45-to-1 ratio; on Nasdaq, a 1.30-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and 40 new lows; the Nasdaq Composite recorded 18 new highs and 398 new lows.

(Reporting by Caroline Valetkevitch in New York; Additional reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta and Richard Chang)

 

This article originally appeared on reuters.com

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