‘Mag Seven’ Rally as Nvidia’s Winning Run Hits 14%: Markets Wrap
- Treasury selloff eases as bets on Fed rate cuts stabilize
- Oil sinks after torrid surge as China holds back new stimulus
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The world’s largest technology companies drove stocks higher, with the market rebounding from its worst session in a month. A rout in Treasuries eased as bets on Federal Reserve rate cuts stabilized. Oil sank.
Equities closed within a striking distance of their all-time highs, with the S&P 500 up 1%. Chipmakers led gains on Tuesday as Nvidia Corp. extended a five-day rally to 14%. A Bloomberg gauge of the “Magnificent Seven” megacaps climbed 1.7%. Wall Street’s favorite volatility gauge — the VIX — dropped from its highest since August.