US stocks rebounded Friday after a tech-driven sell-off as investors assessed earnings reports from big Wall Street banks and clung to rate-cut hopes. The S&P 500 gained 0.9%, just off the benchmark's recent record high. The Dow Jones Industrial Average rose 0.9% and the tech-heavy Nasdaq Composite added on about 1%.
At the same time, the market is weighing the shift from this year's winners, Nvidia and the "Magnificent Seven" techs — which just booked their worst day in almost a year — to the likes of utilities and real estate stocks. Thursday's rotation out of techs came as investors took June's surprisingly mild consumer inflation print as reason for the Federal Reserve to cut rates.
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