- US stocks edged higher on Thursday as the S&P 500 looks to notch a nine-day winning streak.
- The gains in stocks have come amid solid third-quarter earnings results.
- Investors are awaiting Federal Reserve Chairman Jerome Powell's speech this afternoon.
US stocks edged higher on Thursday, with the S&P 500 on track to notch a nine-day winning streak as quarterly earnings results remain solid.
Meanwhile, the Nasdaq is on pace for its 10th consecutive gain, while the Dow snapped its win streak on Wednesday.
Of the 90% of S&P 500 companies that have reported earnings so far, 82% beat profit estimates by a median of 7%. Meanwhile, 59% of those companies have exceeded revenue estimates by a median of 3%, according to data from Fundstrat.
Investors are awaiting Federal Reserve Chairman Jerome Powell's speech this afternoon at the International Monetary Fund Conference. Clues about the current state of inflation and Fed rate hikes will be on watch by investors.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
- S&P 500: 4,385.33, up 0.06%
- Dow Jones Industrial Average: 34,115.08, up 0.01% (2.81 points)
- Nasdaq Composite: 13,659.36, up 0.07%
Here's what else is going on today:
- Billionaire investor Ken Griffin said high inflation may linger for decades with wars set to usher in an era of deglobalization.
- Russia says it's no longer scared of Western sanctions, but its economy is still under pressure amid a battered ruble and plunging exports.
- A "Black Swan" investor warned of the biggest debt bubble in history - and predicted the Fed's efforts will end in disaster.
- Charlie Munger said investors need to own stocks like Apple and Alphabet, or they risk being left behind.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil climbed 1.25% to $76.27 a barrel. Brent crude, the international benchmark, rose 1.19% to $80.49 a barrel.
- Gold dropped 0.06% to $1,956.70 per ounce.
- The 10-year Treasury yield rose 1 basis point to 4.52%.
- Bitcoin jumped 5.38% to $37,554.