NEW YORK, Oct 13 — The Nasdaq rose on Wednesday as technology stocks returned as market favourites amid concerns about rising inflation, while banking stocks slipped despite strong quarterly results from JPMorgan.Mega-caps growth names including Facebook Inc, Amazon.com Inc, Google-parent Alphabet Microsoft Corp, and Tesla rose, while chipmakers added 0.5 per cent after a three days of losses.
“Both the Fed and the market are likely to accept that a tight labor market and the persistence of inflation all but confirms that easing off the accelerator is now the right thing to do.” Its peers Bank of America, Citigroup, Wells Fargo and Morgan Stanley will report results tomorrow, while Goldman Sachs will publish earnings on Friday. The wider banking index was down 2.2 per cent.
At 10.01am ET, the Dow Jones Industrial Average was down 163.31 points, or 0.48 per cent, at 34,215.03, the S&P 500 was down 7.03 points, or 0.16 per cent, at 4,343.62, and the Nasdaq Composite was up 52.60 points, or 0.36 per cent, at 14,518.53.