Reported 4 months ago
The S&P 500 and Nasdaq Composite closed at record highs on Wednesday, led by a surge in Big Tech with Nvidia's market cap surpassing $3 trillion for the first time. The rally was fueled by optimism about interest rate cuts amid signs of slowing labor demand and a cooling economy. The tech-heavy Nasdaq rose nearly 2% to a record close of 17,187, while the Dow Jones Industrial Average gained 0.2%. Nvidia's rally comes as hopes for a Fed shift grow, with 65% of traders now expecting a rate cut in September. The market also reacted positively to strong tech company earnings, including significant gains in CrowdStrike and Hewlett Packard Enterprises.
Source: YAHOO