US stocks post biggest one-day gain since February to finish the month near flat

What a day in equity markets. Nvidia climbed 14% (and is up further after hours) in the largest one-day gain in market cap in history. Beyond that, it was a huge day in general and particularly for chipmakers after Microsoft said it would spend more in capex next year than this year (and Meta said the same after hours).

It was also helped by Powell, who wasn’t exactly hawkish.

• Nasdaq +2.6%
• S&P 500 +1.6%
• Russell 2000 +0.5%
• DJIA +0.2%

On the month:

• Nasdaq -0.75%
• S&P 500 +1.1%
• Russell 2000 +10.1%
• DJIA +4.4%

The Russell monthly chart is impressive but there is some resistance ahead. Could this monthly breakout be similar to 2020? When the index broke out of a range and then rallied for seven months straight?

This article was written by Adam Button at www.forexlive.com.