Stocks rose as technology companies like Nvidia led gains, following a major selloff. The S&P 500 and Nasdaq 100 both saw positive movements, with Carnival Corp. also rising due to a positive outlook. Federal Reserve Governor Michelle Bowman expressed concerns about inflation risks, while Lisa Cook hinted at potential rate reductions in the future.
Investors continued to show interest in U.S. stocks amid expectations of a Federal Reserve interest rate cut. Bank of America reported net selling of U.S. stocks, with technology and communications services leading entries and the financial sector seeing the largest outflows. Commodity trading advisors were estimated to have significant long positions in global stocks.
In corporate news, Paramount Global is considering partnerships for its international TV streaming business, Exxon Mobil began a new oil project in Guyana, Boeing offered to acquire Spirit AeroSystems Holdings, and Airbus is facing shortages in airplane parts. Microsoft is facing regulatory scrutiny in the EU, while OpenAI is blocking China’s access to AI software.
Key upcoming events include U.S. Home Sales, China industrial profits, Eurozone economic confidence, U.S. Durable Goods, Nike’s results, Japan economic data, and U.S. PCE Inflation.
In the market, stocks like Nvidia rebounded after a decline, while the S&P 500 and Nasdaq 100 showed positive movements. Cryptocurrencies like Bitcoin and Ether rose, while the yield on the 10-year Treasury bond remained stable. West Texas Intermediate crude and spot gold saw slight declines.
Overall, the market is cautiously optimistic about the future direction of stocks and the economy, with investors closely watching upcoming events and corporate developments.
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https://finance.yahoo.com/news/magnificent-seven-drive-gains-nvidia-154551227.html