Record Highs as Wall Street Leans Toward Rate Cut

In a promising start to Thursday's trading, the S&P 500 and Nasdaq indexes hit new intraday highs as investors anticipated interest rate cuts by the Federal Reserve. This optimism persists even amid a data drought caused by the ongoing U.S. government shutdown.

The labor market remains a key focus for investors, who are counting on the Fed's dovish stance to stabilize the economy. Notably, semiconductor stocks, led by giants like Nvidia and Advanced Micro Devices, were instrumental in pushing the Nasdaq higher. The tech sector's robust performance contributed significantly to the market's upward trajectory.

Meanwhile, industries such as consumer discretionary and credit bureaus, including Equifax and TransUnion, faced declines. In contrast, the energy sector saw moves, with Occidental Petroleum deciding to divest its petrochemical segment to Berkshire Hathaway. Investors await imminent Federal Reserve decisions with bated breath.

(With inputs from agencies.)