Wall Street Inches Up After Powell’s Inflation Remarks; Chipmakers Rebound; Gold, Crude Falter: What’s Driving Markets Thursday?
U.S. stock markets surged during Thursday’s midday trading session in New York, with major averages all showing gains.
Trader sentiment rebounded thanks to positive signals from corporate earnings and relief after Fed Chair Jerome Powell dismissed the possibility of a rate hike during Wednesday’s press conference.
The S&P 500 inched 0.3% up at 12:30 p.m. ET, while the tech-heavy Nasdaq 100 slightly outperformed, up 0.6%. Semiconductors stood out as a bright spot, buoyed by robust quarterly results and optimistic guidance from Qualcomm Inc. (NASDAQ:QCOM). The iShares Semiconductor ETF (NYSE:SOXX) rose 1.2%, after plummeting 3.4% Wednesday.
Small caps fared better than large caps, with the iShares Russell 2000 ETF (NYSE:IWM) up 1%.
Treasury yields moved slightly lower after Wednesday’s Federal Open Market Committee (FOMC) meeting indicating reduced fears on potential upward moves in interest rates. The policy-sensitive 2-year yield fell to 4.9%, …
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