Stocks hold firm as US inflation data keep rate cut hopes alive
Global stocks held steady and government bond yields retreated a touch on Wednesday after data showed U.S. consumer prices rose moderately in July.
Global stocks held steady and government bond yields retreated a touch on Wednesday after data showed U.S. consumer prices rose moderately in July.
Wall Street’s main indexes capped off a tumultuous week where global markets were rattled and fears of a recession in the world’s biggest economy.
Wall Street somewhat rebounded from a disaster on Tuesday, as main stock indexes grew over 1%. Investors searched for bargains after a global stock selloff and panic of a possible recession occurred on Monday.
Data showed the U.S. economy expanded 2.8% in the second quarter versus estimates of 2%, but inflation subsided, leaving intact expectations of a September rate cut.
Wall Street’s main indexes fell on Friday, while investors assessed the impact of a global cyber outage that knocked down CrowdStrike’s shares to an over two-month low.
The Nasdaq and the S&P 500 hit record highs on Wednesday as strength in Nvidia and other mega stocks supported Wall Street’s winning streak.
Wall Street’s main indexes were mixed on Wednesday, with technology stocks attempting to find a floor after recent selloff.
The benchmark S&P 500 touched a record high on Thursday, boosted by strong gains in Nvidia.
Nvidia shares were soaring 10% afternoon after the company announced a 10-for-one stock split as part of a blockbuster quarterly report.
The Dow Jones Industrial Average hit the 40,000 point threshold for the first time ever on Thursday as investors on Wall Street were feeling timid over the idea of interest rate cuts.