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U.S. stocks kicked off higher on December 6th, 2023, buoyed by investor expectations that the Federal Reserve could soon wrap up its interest rate hiking campaign. At the market open, the Dow Jones Industrial Average edged up 0.14%, while the S&P 500 and tech-heavy Nasdaq 100 climbed 0.26% and 0.39% respectively.
Driving the gains, Apple stock reclaimed its $3 trillion valuation milestone, showcasing the iPhone maker’s market resilience even amidst broader economic uncertainties. Meanwhile, video game retailer GameStop was also in focus, with its Q3 earnings report slated for release later in the day. The results could impact GameStop’s recently volatile share price performance.
On the commodities front, oil prices trended upwards after the OPEC+ nations decided to hold production cuts despite slackening demand. WTI crude futures rose near $72.41 per barrel, lending support to energy stocks.
As the trading session progresses, traders will closely monitor these developments and more for cues that could influence broader market direction. Any shifts in rate hike expectations or earnings surprises could spur intraday volatility across Wall Street benchmarks.