Technology shares extended the week's U.S. stocks rally after a key measure of inflation cooled last month, suggesting the Federal Reserve may be close to ending its rate-hiking campaign. Treasuries rose.
“Overall, it was a round of data consistent with the peak inflation narrative but also with the Fed's insistence that there remains work to be done to re-establish price stability,” Ian Lyngen of BMO Capital Markets wrote in a note. While technology stocks have risen to the highest since August 2022 — propelling gains in the broader market — the percentage of stocks above their 50-day moving average has contracted, Gibbs said. Only a small number of shares actually account for the U.S. rally.
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