Stock Market Today: Dow Jumps 564 Points Ahead of October Jobs Report
The main indexes carved out a fourth straight win Thursday on hope the Fed is done raising interest rates.


Stocks closed higher for a fourth consecutive session Thursday as investors took the Federal Reserve's Wednesday policy statement and subsequent words from Fed Chair Jerome Powell as signs the central bank is done hiking interest rates.
The Fed yesterday held rates steady for a second straight meeting. After the policy statement, Powell said in his presser that the committee is "not confident" that it's done enough to bring down inflation, but that it's also "not confident" that it hasn't done enough. Many interpreted this as an indication that there will be no more rate hikes. According to CME Group, futures traders are now pricing in an 80% chance the Fed will keep rates unchanged at its next meeting in December – up from 54% one month ago.
There's still a lot of new economic data for the Fed to consider over the next six weeks, though. Ahead of tomorrow's October jobs report, data from the Labor Department showed initial jobless claims rose 5,000 last week to 217,000 – a seven-week high.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Palantir soars on billion-dollar AI outlook
On the earnings front, Palantir Technologies (PLTR) spiked 20.4% after the data analytics firm's beat-and-raise report. The company cited growth around its Artificial Intelligence Platform (AIP), which saw the number of users nearly triple in the third quarter. CEO Alex Karp expects AIP's revenue run rate to hit $1 billion by 2025.
"Excitement around Palantir's AIP was seemingly validated by optimistic early adoption signs reported by management," says Jordan Berger, analyst at global research firm Third Bridge. "If successful, AIP could ignite Palantir's go-to-market motion in a transformational way, however, our experts caution that due to the complexity of the core technology deployment, the net benefit generated by AIP remains to be seen."
What's more, Palantir reported a fourth straight quarter of profitability in Q3, meaning it is now eligible for inclusion in the S&P 500. Karp said this is "a milestone that we have been working towards and knew was within reach."
Starbucks, Roku rally after earnings
PLTR wasn't the only big earnings mover Thursday. Starbucks (SBUX), for one, surged 9.5% after the coffee chain unveiled higher-than-expected fiscal fourth-quarter earnings and revenue. Strategic pricing and consumers' preference for more premium beverages helped the average ticket grow by 6% year-over-year, while transactions were up 2%.
Additionally, Roku (ROKU) stock climbed 30.7% after the streaming company reported top- and bottom-line beats in its third quarter due in part to a "strong performance in content distribution and video advertising." Roku also said it had more subscribers than anticipated in Q3 and forecast fourth-quarter revenue above what analysts are expecting.
Apple earnings up next
Next up on the earnings calendar is Apple (AAPL, +2.1%), which reports after tonight's close. At last check, AAPL stock was up marginally in after-hours trading as investors wait for the tech giant's fiscal fourth-quarter results.
At the close, the Dow Jones Industrial Average was up 1.7% at 33,839, the S&P 500 was 1.9% higher at 4,317, and the Nasdaq Composite had gained 1.8% to 13,294.
Related content
- When Is the Next CPI Report?
- Kiplinger's Earnings Calendar for This Week (Oct. 30-Nov. 3)
- Home Sellers' Costs Could Soon Be Cheaper Due To This Court Case
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Berkshire Hathaway's in the 100,000% Return Club. No Surprise Here
Warren Buffett's fascination with the insurance industry has helped Berkshire Hathaway's stock return snowball.
By Louis Navellier Published
-
4 Turnaround Stocks to Consider – and 2 More to Keep an Eye On
A turnaround stock is a struggling company with a strong makeover plan that can pay off for intrepid investors.
By Nellie S. Huang Published
-
4 Turnaround Stocks to Consider – and 2 More to Keep an Eye On
A turnaround stock is a struggling company with a strong makeover plan that can pay off for intrepid investors.
By Nellie S. Huang Published
-
Stock Market Today: Dow Jumps 674 Points in Friday's Relief Rally
The gains weren't limited to stocks, though, with gold futures closing above the $3,000 per ounce mark for the first time.
By Karee Venema Published
-
Stock Market Today: Stocks Drop on Trump's EU Tariff Threats
The White House said alcohol imports from the European Union could soon face tariffs of 200%.
By Karee Venema Published
-
Stock Market Today: Nasdaq Shines In Volatile Session
It was another up-and-down day for stocks as market participants weighed encouraging inflation data against the latest tariff headlines.
By Karee Venema Published
-
Stock Market Today: Trump Drives Another Up-and-Down Day
Investors, traders and speculators as well as businesses and households continue to adjust to rapidly changing times.
By David Dittman Published
-
Should You Sell Tesla Stock as Elon Unrest Grows?
Tesla's CEO is wearing many hats and is managing them "with great difficulty."
By David Dittman Published
-
Stock Market Today: Dow Off 890 Points on Tariff Uncertainty
President Donald Trump still believes his ever-evolving plan for global trade will be "great for us," but "it takes a little time."
By David Dittman Published
-
5 of Warren Buffett's Best Investments
Warren Buffett has had plenty of wins throughout his decades of investing. Here, we highlight five of Buffett's best investments.
By Kyle Woodley Published