Friends

Anthropic has filed for an IPO and that seemed to light a fire under AI-related tech names in today’s trading. In addition, cap ex news from Meta and SpaceX helped buoy the chip makers like Micron, Nvidia, AMD and Broadcom. Some of these chip stocks are down more than 20% from their peaks earlier this year, so today’s action was a welcome relief.

As for the rest of the market, by the close the Dow Jones Industrial Average was up 146 points to finish the day at 52,361. The S&P 500 was up 53 points to close at 7,676. The aforementioned Nasdaq Composite Index was up 214 points to close at 26,169. Gold was up $19 to trade at $4,027 per ounce, while oil was down $1.27 to trade at $102 per barrel WTI.

Remember, it’s a big week for corporate earnings, and the Fed’s FOMC meeting begins tomorrow. I would be surprised if we see any change to monetary policy by the Fed right before the election, but you never know. Buckle up, it is likely to be an interesting week.

Have a nice evening everyone.

Jim