Chip Stocks Propel Nasdaq and S&P 500 Amid Interest Cut Hopes

The Nasdaq and S&P 500 experienced gains on Thursday, driven by a rise in chip stocks following lower-than-expected producer inflation data. This development has sparked expectations of interest rate cuts from the Federal Reserve. Conversely, the Dow Jones Industrial Average saw a slight decline at the opening bell.


Reuters | Updated: 13-06-2024 19:08 IST | Created: 13-06-2024 19:08 IST
Chip Stocks Propel Nasdaq and S&P 500 Amid Interest Cut Hopes
AI Generated Representative Image

The Nasdaq and S&P 500 rose on Thursday, led by a jump in chip stocks, after lower-than-forecast producer inflation data fanned expectations of interest rate cuts from the Federal Reserve. The S&P 500 opened higher by 20.90 points, or 0.39%, at 5,441.93, while the Nasdaq Composite gained 106.83 points, or 0.61%, to 17,715.27 at the opening bell.

The Dow Jones Industrial Average fell 35.09 points, or 0.09%, at the open to 38,677.12.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback