Reported 4 months ago
The S&P 500 and Nasdaq closed at record highs fueled by technology stocks as markets analyzed economic data indicating potential Federal Reserve interest rate cuts. Tech stocks led gains among S&P 500 sectors, with communication and industrials following suit while consumer staples faced losses. The possibility of weaker economic data and a cooling bond market pressure prompted traders to predict a 69% chance of a September rate reduction, as U.S. 10-year Treasury yields hit a two-month low. Notably, chip stocks surged, with Nvidia surpassing Apple in market valuation, and other companies like Hewlett Packard Enterprise and CrowdStrike Holdings forecasting positive revenue reports.
Source: YAHOO