Nasdaq 100 Breaks Above Trendline Resistance Amid Easing Oil Prices
US stocks rose on Tuesday as oil prices eased and Treasury yields fell. The Nasdaq 100 index broke above its falling trendline resistance, reaching a record high of 30,800 before pulling back to around 30,400. Tech stocks were boosted by details about Anthropic's IPO, which is targeting a valuation of over $2 trillion.
The Fed is expected to hike interest rates in October, with markets pricing in a 70% chance of a 25-basis-point increase. The JOLTS job openings data, due shortly, is expected to show openings easing slightly to 7.23 million. Corporate movers included AMD, up over 1%, after acquiring AI firm World Labs for $8.2 billion.
The USD rose to a two-month high against a basket of currencies, boosted by expectations of a Fed rate hike. The EUR/USD fell as the bond-market sell-off continued and ECB President Christine Lagarde adopted a less hawkish stance in a speech overnight.