Wall Street rallies on inflation data, led by tech stocks and 3M's profit forecast raise.

From Nasdaq: 2024-07-26 16:38:15

Wall Street’s major indexes saw gains on Friday, with the Dow Jones leading the way thanks to a rise in 3M’s shares after a profit forecast upgrade. Tech stocks like Tesla and Alphabet also rebounded, along with chip stocks and small-cap stocks, supported by moderate inflation data hinting at a rate cut.

The Dow Jones led gains as tech stocks rebounded, with 3M’s shares surging 20% on a profit forecast raise. Speculation remains high for a rate cut in September, while focus shifts to underperforming sectors. Investors are cautious about potential volatility but are optimistic about future economic directions.

Despite concerns about the sustainability of the rally, tech stocks are closely monitored as earnings season progresses. With the Fed potentially cutting interest rates, market dynamics could shift towards more stable returns through industrials, materials, and small-cap stocks. Investors remain watchful of economic trends and company performances.



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