Stocks climbed Thursday, as a jump in energy and small-caps supported the ongoing rally and offset an Apple-led dip in tech and economic data showing possible signs of weakness in the consumer.
The Dow had its worst day in 11 months as US inflation numbers all but wiped out hopes of aggressive rate cuts in the first half of this year.
The Dow closed at record highs Monday, led by energy stocks ahead of a busy week of top-tier economy data, and fresh round of corporate earnings.
Equities surged higher with the S&P500 closing above 5,000 for the first time on Friday and Nasdaq briefly traded above 16,000, with boosts from megacaps and chip stocks, including Nvidia as investors bet on artificial intelligence technology and eyed strong earnings data.
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Equities The S&P 500 rallied Wednesday closing at a record high and just shy of 5,000 level as bullish bets on stocks continued, with consumer stocks leading the charge following an earnings-led rally in Chipotle and Ford.
Equities staged a late dash from the lows of the day as the race to record highs resumed following a recent stumble as broadening out of the rally on stronger corporate earnings helped soften the blow from chip-led weakness in tech stocks.
An pressured by a McDonald’s-driven wobble in consumer stocks and jump in Treasury yields after Chairman Jerome Powell shackled hopes of a sooner interest rate cut.
An extreme rally in Meta platform (Facebook) stoked bullish bets on big tech even as a blowout jobs report muddied the Federal Reserve rate-cut outlook.
Tech investors ignored the Fed’s warnings of “higher rates for longer” and bought the dip overnight leading into 16% of the S&P500 delivering earnings after the bell. Meanwhile uranium investors rejoiced at 17-year highs as the worlds biggest producer, Kazatomprom, flagged a 20% reduction in forecasted production leaving a 5% supply gap.
Tech stocks led the market lower as the Federal Reserve’s chairman Jerome Powell said it was unlikely that the Fed would cut rates in March, dealing a blow to hopes for sooner rate cut that added fuel to the tech-led selloff.
given the recent strength in Tech stocks in the US and the failure of the ASX200 at record high of 7630 for the 4th time in 3 years
