April 20, 2024

Nasdaq Stock market

Nasdaq Leads Wall Street Gains as Interest Rate Concerns Subside

The Nasdaq surged more than 2 percent on Monday, led by Big Tech sectors, as recent signals of a softening job market bolstered bets slowing its rate hikes. Large-cap growth stocks of Microsoft Corp MSFT.O, Alphabet Inc GOOGL.O, and Apple Inc AAPL.O climbed more than 2 percent as Treasury yields fell due to delisting and other reasons.

The advancements pushed technology. Amazon Inc. AMZN.O gained 3.4 percent after Jefferies predicted that the e-commerce giant’s cost concerns would ease in the 2nd half. Tesla Inc TSLA.O rose 7 percent after the EV company revealed a longer waiting period for Model Y variants in China, indicating that recent price drops may be boosting demand.

SPLRCT has risen to the forefront of the list of leading S&P 500 category indices, while consumer and business stocks have fallen. SPLRCD gained over 2 percent as well. IXIC completed the week higher, supported by a deceleration in pay rises and a dip in US services, which raised optimism of a less aggressive Fed stance and a soft landing.

 

The Labor Department’s highly anticipated inflation data for December is likely to indicate a modest decrease in every year’s consumer prices. B. Riley, the chief market strategist of the Finance department, Art Hogan, stated that the amount of jobs produced gradually decreases, and incomes are beginning to level out. Both are critical for controlling inflation without causing the economy to enter a recession.

Money market predicted a twenty-five-basis-point increase at the Fed’s policy meeting, estimated to be approximately 4.92 percent by June. The CPI report will be critical in framing expectations for when the Fed is nearing the conclusion of its cycle and will likely show inflation beginning to fall, according to Jon Maier, the CIF at the Global X ETFs.

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