Most mega-cap technology and growth stocks continued their advance in early trading on Thursday.
Wall Street’s leading indices experience increases this Thursday, awaiting additional comments from Jerome Powellafter the president of the Federal Reserve adhered to the script the previous day by stating that the US central bank continues to contemplate the possibility of reducing interest rates this year. Most mega-cap technology and growth stocks continued their advance in early trading on Thursday.
The Industrial Average Dow Jones It rises 219.73 points, equivalent to 0.57%, standing at 38,880.78 units; the S&P 500 index presents an improvement of 32.08 points, or 0.63%, reaching 5,136.84 units; Meanwhile he Nasdaq Composite advances 1.3%, pulling the entire New York market.
Powell mentioned that it would be “probably appropriate” to reduce rates this year “if the economy generally evolves as expected” and uOnce the monetary authorities have greater confidence in the constant deceleration of inflation.
Wall Street: the reaction to Powell’s speech
These comments kept investors’ expectations alive for a rate cut in June, boosting US equities, which had experienced some instability in the days leading up to the testimony.
The main indices of Wall Street closed higher on Wednesday, led by technology and semiconductor stocks, particularly sensitive to rates. Most mega-cap technology and growth stocks continued their advance in early trading on Thursday.
Companies in the chip sector, such as Nvidia and Micron Technology, recorded gains of 1.4% and 2.3% respectively, extending their increases from the previous session. The Philadelphia Semiconductor Index hit a new record and saw an increase of 1.8%.
The 11 main sectors of the S&P 500 experienced gainshighlighting the materials and information technology sectors.
Joe Saluzzi of Themis Trading commented: “We heard from Powell yesterday and it looks like there will be a rate cut at some point this year. We just don’t know when.”
Source: Ambito
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