(Bloomberg) — Wall Street’s tech-driven rally — fueled by Nvidia Corp.’s rebound from a $430 billion rout — seemed set to run out of steam on Wednesday after a Federal Reserve official tempered expectations for US interest rate cuts.
S&P 500 futures were little changed, while contracts on the Nasdaq 100 pared an advance after Fed Governor Michelle Bowman reiterated her view that borrowing costs should remain elevated for some time. The 10-year Treasury yield ticked higher and a gauge of the dollar rose for a second day.
Nvidia climbed more than 2% in US premarket trading, adding to Tuesday’s 7% gain. Shares of the giant chip maker have soared this year amid unrelenting demand for its chips that dominate the market for artificial intelligence computing. Rival Micron Technology Inc. rose more than 3% ahead of its third-quarter results later Wednesday.
The volatility in Nvidia shares — which account for about one third of…
