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Daily market wrap ·

Wall Street edges higher as Coinbase and Strategy lead the gains

The S&P 500 closed up 0.31% on Thursday, with Coinbase and Strategy leading the gains as US inflation rose to 3.74% in September.

371 words · written at 21:00 BST after the US close · 8 headlines referenced

The wrap

The S&P 500 closed up 0.31% at 7,742.64 on Thursday, and the S&P 500 ETF rose 0.28% to $771.79. The Nasdaq-100 closed little changed at 29,957 on the same day. In London, the FTSE 100 closed down 0.06% at 10,650 on Tuesday. Gold closed up 1.44% at $4,171.10 on Thursday, and the gold ETF gained 1.75% to $382.57. Oil (WTI) closed up 1.02% at $95.10 on Wednesday.

Coinbase rose 6.62% to $184.34 on Thursday, and Strategy (MicroStrategy) climbed 5.24% to $150.75. Eli Lilly added 3.79% to $1,254.51. On the other side of the ledger, Intel fell 3.12% to $95.06, NVIDIA slipped 1.85% to $217.21 and AMD dropped 1.65% to $561.43. According to MarketWatch, big pharma stocks were near all-time highs as a tech selloff pushed investors toward safer bets. CNBC has examined the sell-off in AI neocloud stocks such as CoreWeave and Nebius, and MarketWatch reported that CoreWeave's stock rebounded as Wall Street debated AI spending.

Bitcoin is up 0.76% at $82,386 in the past 24 hours, and Ethereum has risen 1.09% to $2,456.29 over the same period. The crypto Fear and Greed index stands at 53, which is labelled Neutral. According to CoinDesk, the White House has a crypto policy vacancy that is drawing attention. Across the wider stock data, 30 assets scored Uptrend and 7 scored Downtrend.

The rest of today's wrap

US consumer prices rose 3.74% in September, up from 3.4% in the previous reading, according to the US Bureau of Labor Statistics. Core inflation rose to 2.56% from 2.45%. UK inflation edged up to 3.1% in August from 2.9%, according to the Office for National Statistics.

The Fed funds effective rate is 3.88%, within the 3.75% to 4.00% target range, and the Bank of England Bank Rate is 3.75%. The US 2-year Treasury yield sits at 4.82% and the 10-year at 5.19%, a touch below 5.21%. CNBC Economy reported that hot producer prices show the Fed's work is not done. US M2 money supply reached $23,342.8bn in August, up 5.66% on a year earlier.

The next event is the UK inflation release on 21 October, followed by the Federal Reserve rate decision on 28 October. The Bank of England decides on 5 November, and the US inflation release follows on 10 November.

Written by AI (Claude, claude-haiku-5-5) from the market data on this site at the time shown, and checked against that data before publishing. Prices at the time of writing; they will have moved since. Educational only, not financial advice.

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