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US Stocks Rebound on Easing Inflation Data and Tech Giant ...
2024-07-27 05:50:08
Markets
Stocks
Economy

US Stocks Rebound on Easing Inflation Data and Tech Giant Earnings

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US stocks soared as investors reacted positively to the easing inflation data and anticipated interest-rate cuts. The Dow, S&P, and Nasdaq recovered from the recent tech-led sell-off and climbed higher.

The key focus was on the PCE index, which showed a slow rise in 'Core' PCE. Additionally, investors are eagerly awaiting quarterly earnings from tech giants such as Apple, Microsoft, Amazon, and Meta.

Wall Street is now questioning whether the recent sell-off is a turning point towards lower prices or just a typical bull-market pullback. Despite the positive sentiment, the broader market was dragged down by selling pressure in the mega-cap space, with volatility making a strong comeback.

Meanwhile, Bristol Myers Squibb, Colgate-Palmolive, and 3M are set to publish their second-quarter updates. Overall, the market remains cautious but optimistic, with expectations for a September Fed rate cut to support stocks after the recent tech-led selloff.

Related news on that topic:

Tech Stocks Surge on Wall Street's Road to Recovery

Major tech stocks like Nvidia, Microsoft, Meta, and Amazon are on the rise, accompanied by gains in the Dow Jones, S&P 500, and Nasdaq. US consumer spending is up, propelling the growing economy despite the Federal Reserve's high-interest rates. However, Alphabet and Tesla face penalties for underperformance. Investors eagerly await news from tech giants and the Federal Reserve meeting. Individual stocks such as 3M, Bristol Myers Squibb, Colgate-Palmolive, and Deckers Outdoor are experiencing substantial price hikes. The market's resilience and the need for strategic investment approaches are evident, with a Santa Claus rally possibly on the horizon. International markets remain steady, with a focus on key US economic data affecting global trading sentiments.

Market Volatility Amid Big Tech Earnings and Economic Indicators

US stocks, including Nasdaq and S&P 500, dropped due to AI trade concerns and disappointing earnings from Alphabet and Tesla. Meanwhile, the Dow Jones remained positive amidst expectations of significant Federal Reserve rate cuts. Economic growth in Q2 exceeded forecasts at 2.8%, while the upcoming update on the Personal Consumption Expenditure Price Index will influence the Fed's decisions. On the flip side, positive inflation data led to a rebound in the market, with Dow rising by 600-700 points as investors reacted to slower PCE index growth. The market's recent volatility, especially after lackluster Big Tech earnings, is raising questions about the economy's trajectory. Notably, tech giants like Meta and Microsoft saw gains, but diabetes stock Dexcom slumped. Key economic indicators are showing promise, with inflation on the rise and consumer spending increasing.

Read 16 more recent news on this topic

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Updated at 4:35 PM EDT by Rob Lenihan Stocks end mixed Thursday, following from the worst day for the S&P 500 and the Nasdaq in nearly two years, as investors continued to dump megacap tech stocks and pare risky bets in markets all over the world. The Dow Jones Industrial Average finished up 81.20 points, or 0.20%, to finish the session at 39,935.07, the S&P 500 lost 0.51% to 5,399.22, while the tech-heavy Nasdaq slipped 0.93% to end the day at 17,181.72. Adam Turnquist, chief technical strate..
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