Tech and Utility Stocks Boost Market, Fed Hints at Rate Cuts

Wall Street closed higher on Wednesday, led by tech and utility stocks. Fed minutes hinted at possible rate cuts later in 2025, boosting investor optimism. Dow Jones rose 0.5%, Nasdaq gained 1%, S&P 500 added 0.6%. Utilities, industrials, and technology sectors saw gains, while consumer staples declined. VIX fell 5.2%.

The Fed’s June meeting minutes showed a cautious approach to rate cuts, with most policymakers favoring a wait-and-see approach. Concerns over tariff risks and global economic uncertainty were highlighted. Markets reacted by shifting rate-cut expectations to September, leading to a “risk-on” sentiment. Gold rebounded, oil held steady.

NVIDIA briefly hit a $4 trillion market valuation, a first for a public company. This milestone boosted investor sentiment, pushing Nasdaq to a record high. Wholesale inventories for May were 0.3% lower, while U.S. commercial crude oil inventories rose by 7.1 million bpd. Key inflation data awaited next week.

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Read more at Nasdaq: Stock Market News for Jul 10, 2025