From Nasdaq:

Wall Street closed higher on Wednesday as ride-hailing platforms Lyft and Uber soared, and Nvidia surpassed Alphabet as the third most valuable company. Nvidia’s market cap hit $1.825 trillion, exceeding Alphabet’s. Uber surged 15% to a record high, while Lyft soared 35% after reporting a profitable quarter. Meta Platforms and Tesla also contributed to lifting the S&P 500.

On Tuesday, Wall Street indexes dropped to over one-week lows due to core consumer prices staying nearly double the Fed’s 2% target, leading to reassessment of rate cut expectations. However, Jake Dollarhide, CEO of Longbow Asset Management, stated that regardless of the timing of the first cut, the market should fear what the Fed fears.

Despite concerns, Chicago Fed President Austan Goolsbee believes the path back to the central bank’s 2% inflation target will remain on track, even if there are hotter-than-expected price increases in the short term.

A rally in Wall Street in recent months, driven by expectations of a Fed rate cut, has sent the S&P 500 to record highs. Interest rate futures indicate that traders mostly expect the Fed to begin cutting rates by its June policy meeting, according to the CME FedWatch tool. Robinhood Markets also rallied following a surprise fourth-quarter profit, and crypto stocks surged as bitcoin’s market value crossed $1 trillion for the first time since November.

Nine of the 11 S&P 500 sector indexes rose, led by a 1.67% gain in industrials. Advancing issues outnumbered falling ones within the S&P 500 by a 3.6-to-one ratio. The S&P 500 posted 37 new highs and 4 new lows, while the Nasdaq recorded 92 new highs and 68 new lows.



Read more: Wall Street ends higher, lifted by Uber, Lyft and Nvidia