US stocks rise despite slower service industry growth

The S&P 500 and Nasdaq closed higher yesterday after data showing the US services industry growth slowed further in March, but the advance was limited after Federal Reserve Chair Jerome Powell indicated a cut in interest was still not in sight. Most of the major S&P 500 sectors advanced, led by gains in energy, materials and communication services.

Powell reaffirmed in a speech yesterday that the Fed will stick to its wait-and-see approach as it considers when to start cutting rates given the continued strength of the US economy and recent higher-than-expected inflation data

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S&P 500 and Nasdaq Edge Lower as Investors Take Profits in Chipmaker StocksInvestors took profits in chipmaker stocks as they braced for producer price data and further clues on the inflation trend ahead of the Federal Reserve meeting. The Dow Jones rose 0.1%, while the S&P 500 and Nasdaq dropped 0.19% and 0.54% respectively. Nvidia shares fell 1.1% ahead of their global GTC developer conference on AI. Intel shares fell 4.4% after the Pentagon pulled out of a plan to spend up to $2.5 billion on a chip grant to the company.
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