Wall Street Rally: Key Stock Movements Ahead of CPI Report

NEW YORK, Oct. 9, 2024 — On Wednesday, Wall Street experienced a significant rally, marking record highs for major indices such as the S&P 500 and the Dow Jones Industrial Average. Investor optimism surged in anticipation of Thursday’s Consumer Price Index (CPI) inflation report and the upcoming third-quarter earnings season.

The Dow Jones Industrial Average concluded the day with nearly a 1% increase, closing at 42,512. Meanwhile, the S&P 500 rose by 0.7%, finishing at 5,792.04, and the Nasdaq Composite moved up 0.6% to close at 2,200.59, reflecting a positive market sentiment.

A myriad of stocks captured the attention of retail traders and investors alike. Palantir Technologies Inc. saw a significant rise, with its stock climbing by 4.05% to end the day at $43.13. The stock set a new 52-week high, attributed largely to its Artificial Intelligence Platform, which has been expanding across various sectors including defense and healthcare. Year-to-date, Palantir has achieved a 133% gain in 2024.

Costco Wholesale Corporation also experienced an upward trajectory with its shares increasing by 2.10%, closing at $909.10. The company reported strong net sales for September totaling $24.62 billion, which marks an 8.9% increase compared to the same period from the previous year. The retailer’s growth excluded impacts from gasoline prices and foreign exchange rate changes, with reports of increases in the U.S., Canada, and its e-commerce operations.

On a less positive note, Boeing Inc. shares fell by 3.41%, closing at $149.37. The aviation giant is confronted with a potential credit downgrade, driven by looming strike threats and financial complications. Reports indicate that a prolonged strike by its machinist union could significantly impact production schedules, with anticipated costs exceeding $1 billion monthly.

Despite wider market gains, Tesla Inc. shares declined by 1.41%, ending at $241.05. Investor focus is on Tesla’s forthcoming introduction of its robotaxi product, which aims to penetrate a multi-trillion dollar market, as forecasted by Ark Invest analyst Tasha Keeney. Keeney predicts that this development, along with the launch of its autonomous ride-hailing platform, could account for approximately 90% of Tesla’s enterprise value within the next five years.