From Nasdaq:

Wall Street stock markets began a Wednesday trading session on a positive note with Lyft stocks rising by 31.6%, driven by better-than-expected profit. Quelling inflation worries, the promising note saw a green dip across all major stock indexes with the Dow rising by 0.15%, S&P up by 0.49%, and Nasdaq by 0.60%. Shares of Nvidia overtook Alphabet, further propelling the market’s number game. Uber followed suit with an unveiling of its $7 billion share buyback plan, only strengthening the bull run. On the crypto front, Coinbase, Marathon Digital, and Riot stocks surged as bitcoin crossed a 1 trillion market cap for the first time.

Though the first session on Wednesday kicked off positively, the writing on the wall seems to be inflation as price increases stayed nearly double the 2% target. This has forced investors to re-evaluate their rate cut expectation as the Reserve grapples with the prospect of an imminent inflation dip. The possibility of rising inflation has led to jittery sentiments but has also boosted expectations of an early rate cut by the monetary policy committee. The dire situation has seen policymakers rethink slashing rates but has also fueled bullish market sentiments since November. However, expectations for an at least 25-basis-point rate reduction in May stood at 37%, down from 63% earlier this week, demonstrating how investors have adopted a wait-and-watch policy. The economic horizon seems rife with evidence of easing price pressures. Despite a resilient U.S. economy, central banks will still have to await further proof before deciding on the reduction of rates.

New job highs are the order of the day with Lyft announcing a surprisingly positive fourth-quarter profit. The announcement has seen a massive surge in Lyft stocks and a ray of hope the midst of increasing inflation. Rival company, Uber, is also looking up, fueled by its $7-billion buyback plan. Robinhood Markets has jumped 14.8% following a surprise fourth-quarter profit. The crypto world isn’t far behind with Coinbase, Marathon Digital and Riot stocks witnessing an increase between 10.5% and 14.7%. ‘Euphoria around an early start to monetary policy easing had fueled a Wall Street rally since November, paving the way for a bull market for the S&P 500 this year.’ stimates suggest the return to pre-pandemic highs as sentiments seem to be gathering steam post COVID-19.

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Read more: US STOCKS-Wall St climbs after selloff; Nvidia outstrips Alphabet in market value