Reported 4 months ago
The S&P 500 and Nasdaq Composite closed at record highs on Wednesday fueled by Big Tech, with Nvidia leading the rally. Tech sector saw substantial gains with Nvidia surpassing Apple in market cap. The surge comes amidst hopes for interest rate cuts and signs of labor market cooling. The focus remains on key monthly jobs reports as traders expect a Fed policy shift. Additionally, a new competitor, Arm, poses a threat to Intel and AMD's PC dominance, with growth in services sector and wage growth slowing for job switchers.
Source: YAHOO