Stock Buyers Step In to Boost Tech After AI Jolt: Markets Wrap
- ‘Magnificent Seven’ power equity rebound in earnings run-up
- Fed inflation outlook is next on stock investors’ agenda
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The world’s largest technology companies climbed after a selloff that shook global markets, with traders gearing up for the start of the megacap earnings season and the Federal Reserve decision on rates.
Equities rebounded, with the S&P 500 up about 1% and the Nasdaq 100 rising 1.6%. Following a plunge that erased almost $600 billion in value, Nvidia Corp. rallied 8.9%. Microsoft Corp. is in talks to acquire the US arm of ByteDance Ltd.’s TikTok, according to President Donald Trump. The software giant rose 2.9%. While tech bounced back, most shares in the US equity benchmark actually fell — a reversion of the move in the previous session. In late hours, Starbucks Corp. climbed as its sales slump eased.