News Formal

Stock market news today: Stocks soar, Nvidia surges 12%, as Fed, Powell pave way for September rate cut

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 23 sec. here
  • 8 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 63%

Nasdaq Composite News

Jerome Powell,Federal Reserve,Earnings Reports

A tech revival helped lift stocks, as investors digest the Federal Reserve's decision to hold interest rates steady.

US stocks rallied on Wednesday as investors digested the Federal Reserve's latest decision to hold interest rates steady and a tech revival sent the Nasdaq surging. The S&P 500 rose nearly 1.6% while the tech-heavy Nasdaq Composite soared more than 2.6%. The Dow Jones Industrial Average rose a more modest 0.2%. Stocks extended their gains for the day as Fed Chair Jerome Powell told reporters a September cut "could be on the table.

But a swath of positive news is spurring a comeback for chip stocks, with AMD shares getting a boost from an AI-driven earnings beat. Nvidia climbed over 12%, regaining ground lost in a steep drop on Tuesday in the halo of the results. Also on Wednesday, Morgan Stanley noted that the recent 25% drawdown in Nvidia stock presented a "good entry point," marking a sentiment shift in what's been an otherwise tough July for the AI leader.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Stocks fall from records as Tesla, Nvidia lead tech sell-offJerome Powell steps up for part two of his policy update to Congress, with investors on the alert for more clues to rate-cut prospects.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Stocks rally before Fed as Nvidia surges 7%A tech revival is helping lift stocks, with the Federal Reserve's rate decision on deck.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Stocks rally before Fed decision as Nvidia surgesA tech revival is helping lift stocks, with the Federal Reserve's rate decision on deck.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Stocks rally after Fed decision, Nvidia surgesA tech revival is helping lift stocks, as investors digest the Federal Reserve's decision to hold interest rates steady.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Nasdaq dives as tech sell-off continues, Nvidia down 4%Earnings misses have put the spotlight on the health of the economy after a Big Tech-led sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »