A rally in the world’s largest technology companies lifted stocks, with Nvidia Corp. climbing 7 per cent after a US$430 billion selloff.
Equities extended their June advance as the giant chipmaker led gains in the “Magnificent Seven” cohort of megacaps. The company snapped a three-day rout that had pushed it into a technical correction. In late trading, FedEx Corp. — a barometer of economic growth — jumped on a bullish forecast. Treasuries barely budged after a $69 billion two-year U.S. sale got the expected yield and good demand, kicking off this week’s trio of auctions.
U.S. consumer confidence eased on a more muted outlook for business conditions, the job market and incomes. Federal Reserve Governor Michelle Bowman said she sees a number of upside risks to the inflation outlook. Her colleague Lisa Cook said it will be appropriate to reduce rates “at some point,” adding that she expects inflation to…
