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 by 2% while the tech-heavy Nasdaq Composite soared about 3%. The Dow Jones Industrial Average rose a more modest 1%. 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 11%, 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.
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