Wall Street Resumes Gains; Amazon Hits Record Close
This week, several economic data points will be released, culminating in the publication of the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, on Friday.
Wall Street’s main indexes closed with modest gains on Wednesday after a volatile session, as investors held back ahead of a presidential debate between Donald Trump and Joe Biden and a closely watched inflation report by the Federal Reserve (Fed) policymakers.
Leading chipmaker Nvidia closed slightly higher, while the Philadelphia SE Semiconductor Index fell. Mega-cap firms such as Apple, Amazon.com, and Tesla also posted gains.
On Wednesday, Amazon.com Inc reached a market value of $2 trillion, becoming the fifth U.S. company to surpass this figure as investors flock to technology stocks due to optimism around artificial intelligence and potential interest rate cuts.
This week, several economic data points will be released, culminating in the publication of the PCE Price Index, the Fed’s preferred inflation gauge, on Friday.
The Federal Reserve has projected only one interest rate cut this year, in December. However, investors see a 56.3% chance of a 25 basis point cut in September and around two cuts by the end of the year, according to LSEG’s rate probability application.
The S&P 500 gained 8.89 points, or 0.16%, to 5,477.90 units; the Nasdaq Composite added 87.51 points, or 0.49%, to 17,805.16 units; and the Dow Jones Industrial Average rose 15.64 points, or 0.04%, to 39,127.80 units.
This week, investors had increased their bets in non-tech sectors.
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