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Tech Surge Lifts Nasdaq as Inflation and Bank Earnings Weigh on Dow

  U.S. stocks traded mixed on Tuesday as investors digested fresh inflation data and the kickoff of bank earnings season. The Nasdaq Composite jumped 0.8% , powered by a rally in semiconductor stocks, while the Dow Jones Industrial Average slipped 0.3% amid concerns over rising prices and uneven financial sector results. Key Drivers: Nvidia (NVDA) soared nearly 5% after announcing plans to resume AI chip sales to China, following a green light from the U.S. government. The move sparked a broader rally in chipmakers, with AMD and Micron also posting strong gains. The Consumer Price Index (CPI) rose 0.3% month-over-month and 2.7% year-over-year in June, signaling a slight acceleration in inflation. Core CPI, excluding food and energy, climbed 2.9% annually. Bank earnings painted a mixed picture: JPMorgan and Citigroup beat expectations, while Wells Fargo fell short, cutting its net interest income forecast. BlackRock also reported record assets under management but saw its ...
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Stock Markets Today: October 4, 2023 . How Wall Street bounced back from a slump


                                

Wall Street recovered some of its losses on Wednesday, thanks to easing bond yields and lower oil prices. The S&P 500 rose 0.8%, after hitting a four-month low on Tuesday. The Dow Jones Industrial Average gained 0.4%, while the Nasdaq composite outperformed with a 1.4% increase. Stocks have been under pressure from soaring Treasury yields, which make borrowing more expensive and reduce the appeal of stocks. The yield on the 10-year Treasury fell to 4.73% from 4.80% on Tuesday, following reports of weaker-than-expected hiring and slower growth in the services sector. These reports suggested that the U.S. economy may be cooling down, which could ease inflation fears and persuade the Federal Reserve to be more cautious with interest rate hikes. The Fed has already raised its main interest rate to the highest level since 2001, and signaled that it may keep it higher next year than previously anticipated.

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