The stock market was shaking off its rate-cut hangover on Thursday.<\/p>\n
The S&P 500 was up 0.7%. The Nasdaq Composite was up 1%. The Dow was up 200 points, or 0.4%. All three were on track to set fresh closing highs.<\/p>\n
The major indexes were mixed on Wednesday after the Federal Reserve lowered interest rates by quarter of a point and forecast two additional cuts through December and a third cut in 2026.<\/p>\n
\u201cInvestors apparently slept on the Fed\u2019s announcement yesterday and woke up in a good mood,\u201d writes Bespoke Investment Group co-founder Paul Hickey. \u201cThe US strength follows what was a mostly positive night in Asia, where China was the only country to trade lower, while Japan and Korea both shot higher by over 1%.\u201d<\/p>\n
Chip stocks were rallying, led by Intel, after Nvidia announced it would invest $5 billion in the struggling chip maker and partner with it to co-develop \u201cmultiple generations of custom data center and PC products.\u201d<\/p>\n
\u201cWhile obvious, at first glance the deal seems positive for Intel (money is helpful, and having [Nvidia CEO Jensen Huang\u2019s] blessing is priceless, though a 30% move is something…) and NVIDIA, and incrementally negative for AMD,\u201d writes Bernstein analyst Stacy Rasgon.<\/p>\n
The rest of the market was looking to climb to fresh highs as investors continued to digest Federal Reserve Chairman Jerome Powell’s comments from his Wednesday press conference.<\/p>\n
“With another two cuts this year, we should see small caps and banks outperform,” writes Andrew Brenner, head of international fixed income at NatAlliance Securities. “AI\/Mag7 won’t lose their bid, but new records will be evident… We thought there would be more of a corrective move in equities, but the Fed meeting was not the catalyst for that.”<\/p>\n","protected":false},"excerpt":{"rendered":"The stock market was shaking off its rate-cut hangover on Thursday. The S&P 500 was up 0.7%. The…\n","protected":false},"author":2,"featured_media":1714,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[72,61,60,123],"class_list":{"0":"post-29071","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-ie","10":"tag-ireland","11":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/29071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=29071"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/29071\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/1714"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=29071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=29071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=29071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}