Originally posted at >>>/qresearch/24828914 (151515ZJUL26) Notable: Stocks rise on Big Tech gains
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Stocks rise on Big Tech gains, encouraging inflation signs: Live updates
Stocks rose on Wednesday, led by gains in major technology stocks, as traders reacted to more data showing inflation is cooling.
The S&P 500
gained 0.5%, while the Nasdaq Composite
added 0.7%. The Dow Jones Industrial Average
added 298 points, or 0.6%.
Shares of Big Tech companies bolstered the market. Amazon
, Apple
and Microsoft
climbed around 3%, while Alphabet
moved up more than 1%. Additionally, shares of SpaceX
were in the green.
Investors grew optimistic on the state of inflation after New York Federal Reserve President John Williams said in a speechWednesday that “there are encouraging reasons to expect that inflation has peaked and should edge down in coming quarters.”
On Wednesday, the produce price index unexpectedly fell 0.3% in June, while economists had expected it to be unchanged on the month. That follows Tuesday’s cooler-than-expected consumer price index report, which bolstered hopes that the Fed may not need to raise interest rates as aggressively this year. The report prompted traders to scale back expectations for near-term Fed tightening.
The probability of a rate hike at the central bank’s July meeting fell to 17% from 42% a day earlier, according to CME’s FedWatch Tool. Markets, however, continue to price in an increase later this year, with traders assigning a 63% probability that rates will be a quarter- or half-percentage point higher following the September meeting.
Post too long. Click here to view the full text.