(Bloomberg) — US stocks drifted higher, erasing earlier losses as swaps traders’ conviction in deep interest-rate cuts this year solidified and a jump in Nvidia’s shares.
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The proxy for artificial intelligence ebullience climbed more than 4% after a report that the firm’s chief executive officer was done selling shares — helping propel the S&P 500 Index up 0.2% and the tech-heavy Nasdaq 100 0.5% higher, reversing earlier declines. Swaps traders also increased their wagers to a little over three-quarters of a point of policy easing by year-end after grim data on consumer confidence, suggesting at least one more major rate cut is in store.
The benchmarks initially slipped after the reading on the Conference Board’s gauge of sentiment posted the biggest drop since August 2021, data out Tuesday showed. The report flagged concerns about the labor market. Manufacturing data also came in weaker than…
