Stocks Wipe Out CPI-Fueled Slide as Big Tech Jumps: Markets Wrap
- Core US inflation picks up, damping odds of outsize Fed cut
- Traders cement bet on only a quarter-point reduction next week
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A rally in the world’s largest technology companies spurred a stock-market rebound in a volatile session that had Wall Street traders digesting faster-than-anticipated inflation data.
The S&P 500 climbed 1.1% and the Nasdaq 100 rallied 2.2%. It was the first time since October 2022 that each gauge erased an intraday loss of at least 1.5%. Chipmakers led gains, with Nvidia Corp. up 8.2%. Treasury two-year yields rose on speculation the Federal Reserve will move gradually with rate cuts. Traders cemented wagers on a quarter-point Fed reduction next week.