Closing Bell: Markets Rally to Kick Off Shortened Trading Week

Key Points

• Markets continued to climb today, with the S&P 500 (SPX) closing up 1.55%, the Nasdaq-100 rising 2.62%, and the Russell 2000 (RUT) advancing 1.89%.
• Alphabet (GOOGL) reached another all-time high today as positive reactions to its latest release, Gemini 3, continues to impress investors.
• Novo Nordisk’s oral GLP-1 drug failed in late-stage Alzheimer’s trials, causing shares to decline.

Markets continued to climb today, with the S&P 500 (SPX) closing up 1.55%, the Nasdaq-100 rising 2.62%, and the Russell 2000 (RUT) advancing 1.89%. Communication Services, Information Technology, and Consumer Discretionary sectors led the bullish action, while Consumer Staples and Energy were the biggest decliners.

Alphabet Continues to Soar

Alphabet (GOOGL) reached another all-time high today as positive reactions to its latest release, Gemini 3, continue to pour in. The update has received glowing reviews for its ability to revolutionize web design, among other key technical features. Salesforce CEO Marc Benioff praised Gemini 3, calling it an “insane leap” in reasoning compared to competitors. Alphabet also signed a multi-million-dollar deal with NATO for AI-enabled cloud services.

Novo Nordisk Long Shot Alzheimer’s Trial Fall Short

Novo Nordisk announced that its older oral version of the GLP-1 drug failed to meet its main objective in late-stage trials aimed at determining whether semaglutide could slow cognitive decline in Alzheimer’s patients. The company’s executive team had previously stated that it was a “long shot” but worth studying. Shares moved lower as a result.

Key Market Events for Tomorrow

• 08:30 AM ET: September PPI
• 08:30 AM ET: September Retail Sales
• 09:00 AM ET: FHFA House Price Index (HPI)
• 10:00 AM ET: Pending Home Sales m/m
• 10:00 AM ET: Richmond Manufacturing Index
• 10:00 AM ET: Business Inventories m/m
• 04:30 PM ET: API Weekly Statistical Bulletin

Notable Earnings for Tomorrow

• Premarket: ANF, BABA, ADI, BBY, DKS, SJM, KSS,
• Postmarket: ADSK, DELL, HPQ, NTAP, URBN, WDAY, ZS

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