Big Tech stocks lead market rally as investors focus on US CPI data

From Investing.com: 2024-07-11 02:07:00

The S&P 500 hit a record high for the 37th time this year, closing above 5600, while the Dow flirted with 20700. Fed President Powell didn’t give a clear rate-cut timeline, highlighting inflation, job market softening as potential risk. US yields under pressure after strong bond sales, with market closely watching CPI update expecting softer inflation. Tech megacaps trigger rally, with Taiwan seeing a 422% surge in chip exports fueled by AI demand. US oil rebounds after EIA data shows inventory fall and OPEC raises global growth forecast to 2.9%.



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