Stock Market Live October 29: S&P 500 (SPY) Pushing Record Highs Today
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- S&P 500 (SPY) could easily push even higher, as markets wait for the Federal Reserve’s decision later today.
- Helping, Nvidia, which was up more than $9 a share yesterday, is up another $7.77 in pre-market on news it expects to see $500 billion in AI chip sales.
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Markets are still exploding to higher highs.
At the moment, S&P 500 futures are up 20 points at 6,946. Dow futures are up another 68 points to 47,963 and Nasdaq futures are up 123 points to 26,284.
And all could easily push even higher, as markets wait for the Federal Reserve’s decision later today. “Markets are assigning a nearly 100% probability that the Federal Open Market Committee will approve a second consecutive quarter percentage point, or 25 basis point, reduction in the federal funds rate. The overnight lending benchmark is currently targeted between 4%-4.25%,” says CNBC.
Helping, Nvidia (NASDAQ: NVDA) is up another $7.77 on news it expects to see $500 billion in AI chip sales. It added that it will partner with the U.S. Department of Energy to build seven new supercomputers.
Plus, it said it was taking a $1 billion stake in Nokia (NYSE: NOK). The two will work together in a strategic partnership to develop next-generation 6G technology.
Even better, President Trump plans to discuss Nvidia’s Blackwell AI chips with Chinese President Xi Jinping. This comes as Nvidia faces an uncertain future in China, which was once considered to be a strong market for the tech giant.
Wells Fargo is Bullish on Utility Stocks on AI Power
Wells Fargo just said investors should increase their exposure to utility stocks. All as companies build out data centers to power the AI boom.
Plus, as the firm noted months ago, “after years of flat power growth in the U.S., electricity demand could grow as much as 20% by 2030.”
“AI data centers alone are expected to add about 323 terawatt hours of electricity demand in the U.S. by 2030, according to Wells Fargo. The forecast power demand from AI alone is seven times greater than New York City’s current annual electricity consumption of 48 terawatt hours. Goldman Sachs projects that data centers will represent 8% of total U.S. electricity consumption by the end of the decade,” says CNBC.
Goldman Sachs is also bullish on the industry. In fact, the firm estimated that about 47 gigawatts (GW) of additional power generation capacity will be needed to accommodate growth.
Some of the top stocks to watch on the news include NextEra Energy (NYSE: NEE), Sempra (NYSE: SRE), NRG Energy (NYSE: NRG), American Electric Power Company (NASDAQ: AEP), and Dominion Energy (NYSE: D).