Dow Rises On Fed Rate-Pause Hopes; GameStop Breaks Out As Meme Investor Scoops Up More Shares

The Dow Jones Industrial Average rose by 0.6%, as investors hoped that rate hikes would be paused.

The CME Fed Watch Tool indicated a 93% probability of a pause on rate hikes following the Fed's announcement on Wednesday.

The S&P 500 rose by 0.8% per hour, while the Nasdaq gained 0.8%. The volume on the NYSE was higher than it was on Monday.

Russell 2000 small caps outperformed with an increase of 1.3%. Innovator IBD 50 FFTY also gained 1.3%.

Crude oil increased by over 3%, trading at $69.45 per barrel. Oil prices rose after China's central banks cut its key lending rate. The yield on the benchmark U.S. Treasury 10-year note increased by 2 basis points, to 3.78%.

Stocks moving today

Oracle (ORCL), which announced earnings, saw its shares surge in volume but then pared their gains. The company's shares rose Monday after it said that cloud computing is in high demand due to demand for AI-generated tools. Safra Katz, CEO of Safra Cloud and AI Services, said that cloud services and AI tools are experiencing "unprecedented" demand.

The leisure services sector is on the rise. Royal Caribbean (RCL), a company that is listed on IBD Leaderboard has soared to a profit zone. Carnival (CCL), which is also on IBD Leaderboard, rose into the profit zone after an analyst upgrade from Bank of America. Norwegian Cruise Line (NCLH), which had a strong Monday, has now surpassed the 18.12 entry.

Fluence Energy (FLNC), and Celsius (CELH), both reached new heights in the IBD 50. IBD Leaderboard also includes Celsius. According to IBD MarketSmith, FLNC has been extended from an initial buy point of 26,78 while Celsius is now in a profitable zone.

Dow Jones Stocks in Focus

Intel (INTC), a Dow Jones component, is approaching a buying point of 33.84. JPMorgan Chase is also in the Dow with an entry of 143.37.

United Airlines (UAL), on the other hand, is on track for a winning streak of six days as it aims to reach a purchase point of 55.04 at a cup's base.

NetEase, an online gaming company broke out from a flat basis at a purchase point of 94.99. Ansys, a software company, broke out at 333.89. However, the volume and price action today is mediocre.

Marriott (MAR), in a flat-base, is nearing a buying point of 183.27.

Econoday's estimate of 0.2% was lower than the actual 0.1% rise in consumer prices. CPI increased by 4% on an annual basis. This was lower than expected.

GameStop (GME), a meme stock, broke out from a cup-base at a purchase point of 27. Ryan Cohen, activist investor and the new chairman of GME, has bought 443,842 additional GME shares. This brings his total stake in GME to 12%. It reported last week a loss per share of 14 cents and sales of $1.2billion, which showed a 10% drop from the previous year.

Tesla shares (TSLA), which have been on a winning streak for 13 days, are now in the profit zone after a 207.79 purchase.