Join for free

Daily market wrap ·

Nasdaq-100 rises 1.2% as oil drops 3.9% and Strategy jumps 7.7%

US stocks closed higher on Wednesday, with the Nasdaq-100 leading, while Bitcoin, gold and UK inflation data all moved in the latest session.

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

The wrap

On Wednesday the S&P 500 closed up 0.62% at 7,760.11, and the Nasdaq-100 rose 1.22% to 29,851. The S&P 500 ETF finished 0.58% higher at $773.49. Across the Atlantic, the FTSE 100 slipped 0.06% to 10,650 in the last session.

Strategy (MicroStrategy) was the strongest large move of the day, climbing 7.72% to $153.74 on Wednesday. Palantir added 4.73% to $201.71. Netflix fell 5.2% to $65.12, the steepest drop among the names tracked, with Oracle down 1.81% and Alphabet 1.51% lower. No headline in the data explains these moves, so they are reported without a stated cause.

Bitcoin rose 2.42% to $84,496 in the past 24 hours, and Ethereum gained 2.53% to $2,496.18. XRP climbed 4.79% to $1.392 over the same period. The crypto Fear and Greed index stands at 63, which is labelled Greed. Gold closed up 0.25% at $4,134.41 on Wednesday, and the gold ETF rose 0.33% to $378.90. Oil (WTI) fell 3.88% to $97.84 on the same day.

The rest of today's wrap

US inflation accelerated in September. CPI rose to 3.74% from 3.4%, while core CPI moved up to 2.56% from 2.45%. M2 money supply reached $23,342.8bn in August, up 5.66% on a year earlier. The Fed funds effective rate sits at 3.88%, inside the 3.75 to 4.00% target range.

The 2-year Treasury yield is at 4.79% and the 10-year at 5.12%, down from 5.15%. According to CNBC Economy, "UK inflation jumps to 3.5%, cementing rate hike expectations," and the UK figure rose from 3.1% in August. The Bank of England Bank Rate is 3.75%.

The coming weeks are dense. The Federal Reserve decides on rates on 28 October, the Bank of England on 5 November, US CPI is published on 10 November and UK CPI on 18 November. Across the 54 trend scores tracked, 23 are in an Uptrend, 22 are Sideways and 9 are in a Downtrend. CNBC reports that the stock market's fragile calm faces a major test starting Friday.

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.

Important information

Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Cryptoassets are largely unregulated in the UK, so you are unlikely to have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong. Educational information only, not financial advice. Read our disclaimer.