‘Most-Crowded Trade’ Drives S&P 500 to New Record: Markets Wrap
- Tech megacaps lead gains as bonds rebound after selloff
- Traders awaiting to hear if Fed will change rate-cut outlook
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Wall Street traders gearing up for the Federal Reserve decision sent stocks to fresh all-time highs amid gains in several big techs.
Equities erased losses after a rebound in the “Magnificent Seven” cohort of tech megacaps — dubbed the “most-crowded trade” by Bank of America Corp. Nvidia Corp. rose on bets its new chips will fuel a rally that’s already added $1 trillion to the company’s value this year. Bonds also gained after a rout that saw traders pushing back their timetable for rate cuts.