Stocks rose on strong chip stocks and potential rate cut, positive.

From Nasdaq: 2024-07-31 18:08:03

US stocks soared on Wednesday, with the S&P 500, Nasdaq 100, and Dow Jones posting gains. Chip stocks saw a sharp rebound, with Nvidia, ASML Holding NV, and Advanced Micro Devices all surging. The Fed indicated a potential rate cut in September, boosting market sentiment.

The FOMC kept rates unchanged but altered its statement, hinting at a possible rate cut. US economic data showed slower growth in employment and wages. Overseas stock markets rose, as did European government bond prices. ECB is expected to cut rates in September.

Stock movers included Nvidia, Vistra Corp, and Match Group all posting gains. Chip stocks saw a rebound, with Broadcom, KLA Corp, and Qualcomm all up. BorgWarner and Dupont de Nemours also reported positive results. Losers included Humana, Verisk Analytics, Bunge Global, Groupon, and Pinterest. Marriott International trimmed its full-year forecast.



Read more at Nasdaq: Stocks Finish Higher on Chip Stock Strength and Dovish Powell