Market Summary:

Market Summary: equites soared for a second straight day, making one of the strongest starts to an October in years. Hopes the Fed may be on the cusp of moderating and possibly even ending rate hikes in coming months provided the spark. And short covering extended the gains into the afternoon. The NASDAQ jumped 3.34% with a late 22% pop from Twitter as Elon Musk noted his buyout offer of $54.20 per share. The S&P 500 surged 3.06%, and the Dow was up 2.80%. Treasuries rallied too, and the drop in yields provided more support to Wall Street. Indeed, the 2-year yield slumped under 4%, albeit briefly before it and the entire curve pared gains and then consolidated in the afternoon. It finished 2 bps richer at 4.09% and the 10-year was down 1.2 bps at 3.627% after hitting a low of 3.557%. The DXY dollar index lost a lot of ground on the beliefs of a less aggressive Fed took hold. That was another factor underpinning Wall Street. A drop in August job openings, along with the surprise 25 bp hike from the RBA, less than the 50 bps anticipated, added to hopes of Fed moderation, even as Fedspeakers stressed their commitment to a 2% inflation goal. WTI oil prices also extended about 3.3% higher to $86.36 ahead of the expected output cut from OPEC on Wednesday and on general market optimism. The contract has climbed from the year's nadir of $76.71 on September 26.