{"id":34711,"date":"2023-07-12T14:04:24","date_gmt":"2023-07-12T18:04:24","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wall-st-rallies-as-cooling-inflation-eases-fed-rate-hike-fears\/"},"modified":"2023-07-12T14:04:26","modified_gmt":"2023-07-12T18:04:26","slug":"wall-st-rallies-as-cooling-inflation-eases-fed-rate-hike-fears","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34711","title":{"rendered":"Wall St rallies as cooling inflation eases Fed rate hike fears"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. REUTERS\/Brendan McDermid<\/span>
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By Johann M Cherian and Bansari Mayur Kamdar<\/p>\n

(Reuters) – Wall Street rallied on Wednesday, led by gains in rate-sensitive megacap growth stocks after data showed inflation cooled further in June and boosted hopes that the Federal Reserve was nearing the end of its monetary tightening cycle. <\/p>\n

\u00a0\u00a0 U.S. consumer prices rose modestly in June and logged their smallest annual increase in more than two years as inflation continued to subside.<\/p>\n

\u00a0\u00a0 The much awaited U.S. Labor Department report showed growth in core consumer prices, which excludes food and energy, eased to 4.8% from 5.3% in May on an annual basis. Economists had expected a 5% rise.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

\u00a0\u00a0 In the 12 months through June, the consumer prices (CPI) advanced 3.0%. It was the smallest year-on-year increase since March 2021 and followed a 4.0% rise in May.<\/p>\n

\u00a0\u00a0 An overwhelming majority of traders continue to expect the Fed to raise the benchmark rate to the range of 5.25%-5.5% later this month.<\/p>\n

But market participants were now betting with a 26% probability that the central bank would lift short-term borrowing costs by 25 basis points in November this year, compared with a 34% probability before the data was reported.<\/p>\n

“It means that even though the Federal Reserve has probably already talked itself into a corner needing to hike at the July meeting it may be the last one for this hiking cycle,” said Brian Jacobsen, chief economist at Annex Wealth Management.<\/p>\n

At 11:30 a.m. ET, the was up 235.19 points, or 0.69%, at 34,496.61, the was up 40.61 points, or 0.91%, at 4,479.87, and the was up 163.22 points, or 1.19%, at 13,923.92.<\/p>\n

The index, which houses smaller cap names, rose 0.9% to its highest since February 2023.<\/p>\n

\u00a0\u00a0 Megacap growth and technology stocks such as Microsoft (NASDAQ:), Amazon.com (NASDAQ:) and Tesla (NASDAQ:) added between 1.8% and 1.3%.<\/p>\n

\u00a0\u00a0 All 11 of the major S&P 500 sectors advanced, led by gains in communication services that added 1.5%.<\/p>\n

\u00a0\u00a0 The CBOE Market Volatility Index, Wall Street’s fear gauge, hit over a one-week low at 13.64.<\/p>\n

\u00a0\u00a0 Nvidia (NASDAQ:) added 2.7% after the Financial Times reported that chip designer Arm is in talks to bring the megacap firm in as an anchor investor ahead of its planned listing.<\/p>\n

VMware (NYSE:) advanced 2.3% after Broadcom (NASDAQ:) secured EU’s antitrust approval for its $61 billion proposed acquisition of the cloud computing firm.<\/p>\n

U.S.-listed shares of Chinese firms Alibaba <\/span><\/span> (NYSE:) Group and Bilibili (NASDAQ:) climbed 3% and 7.5%, respectively on more signs that Beijing was easing its crackdown on the technology sector. <\/p>\n

The S&P 500 banks index rose 1.7% ahead of second-quarter earnings season, with Wall Street lenders expected to report higher profits.<\/p>\n

Advancing issues outnumbered decliners by a 4.94-to-1 ratio on the NYSE and by a 2.53-to-1 ratio on the Nasdaq.<\/p>\n

The S&P index recorded 62 new 52-week highs and two new lows, while the Nasdaq recorded 110 new highs and 28 new lows. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. REUTERS\/Brendan McDermid By Johann M Cherian and Bansari Mayur Kamdar (Reuters) – Wall Street rallied on Wednesday, led by gains in rate-sensitive megacap growth stocks after data showed inflation cooled further […]<\/p>\n","protected":false},"author":1,"featured_media":15230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-34711","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWall St rallies as cooling inflation eases Fed rate hike fears | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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