On the 26th (local time), the three major New York stock indexes opened higher ahead of the January Federal Open Market Committee (FOMC) meeting and earnings releases by major big-tech corporations.
As of 10:16 a.m., the Dow Jones Industrial Average was up 226.01 points, or 0.51%, at 49,348.29 on the New York Stock Exchange. The Standard & Poor's (S&P) 500 was up 34.84 points, or 0.50%, at 6,950.45, and the Nasdaq composite was up 101.88 points, or 0.43%, at 23,603.13.
The market sees a high likelihood that the Fed will hold rates steady at the FOMC meeting to be held on the 27th-28th. The selection of the next Federal Reserve chair is also drawing investor interest.
Earnings season, which kicks into full gear this week, is also affecting share prices. Among the "Magnificent 7 (M7)," four corporations—Apple, Microsoft, Meta and Tesla—are set to report results, focusing the market's attention on whether increased investment in artificial intelligence (AI) is translating into actual performance.
Meanwhile, the economic data released that day were stronger than expected. According to the U.S. Department of Commerce, durable goods orders in November last year were $323.8 billion on a seasonally adjusted basis, up 5.3% from the previous month, beating the market forecast of 3.7%.
By sector, utilities, materials and technology stocks were strong, while consumer discretionary was weak.
Among individual stocks, cloud infrastructure company CoreWeave jumped more than 10% on news it secured a $2 billion equity investment from Nvidia. U.S. rare earth company USA Rare Earth surged nearly 20% on news the Trump administration purchased additional equity. As gold prices hit a record high, Newmont shares also rose more than 3%.
Not only U.S. stocks but European stocks also climbed across the board. The Euro Stoxx 50 rose 0.35% to 5,969.08, while the U.K.'s FTSE 100 and France's CAC 40 rose 0.36% and 0.04%, respectively. Germany's DAX rose 0.20%.
International oil prices were weaker. At this hour, West Texas Intermediate (WTI) for March delivery was trading at $60.86 per barrel, down 0.34% from the previous session.