On Wednesday, the S&P 500 and Nasdaq experienced their most significant daily percentage gains since February 22nd, while the Dow also rose. This rally was driven by a surge in chip stocks and the Federal Reserve‘s decision to maintain US interest rates unchanged, while indicating a possible easing in September if inflation cools down.
Technology and consumer discretionary stocks led the advance, with seven out of the eleven S&P 500 sectors posting gains.The weakest sectors were healthcare, real estate, and consumer staples. The Fed’s decision to keep the benchmark overnight interest rate in the 5.25%-5.50% range was widely anticipated, but the central bank’s openness to easing in September, just seven weeks before the November US elections, was noteworthy. The benchmark U.S. 10-year note yield dropped 9.8 basis points to 4.043%.
During his press conference, Fed Chair Jerome Powell mentioned that policymakers discussed the possibility…
Technology and consumer discretionary stocks led the advance, with seven out of the eleven S&P 500 sectors posting gains.The weakest sectors were healthcare, real estate, and consumer staples. The Fed’s decision to keep the benchmark overnight interest rate in the 5.25%-5.50% range was widely anticipated, but the central bank’s openness to easing in September, just seven weeks before the November US elections, was noteworthy. The benchmark U.S. 10-year note yield dropped 9.8 basis points to 4.043%.
During his press conference, Fed Chair Jerome Powell mentioned that policymakers discussed the possibility…
