The Dow Jones Industrial Average surged over 700 points on Wednesday, driven by a positive report on inflation. Investors celebrated the news, with Nvidia rebounding and Microsoft boosting quantum stocks. Trump Media & Tech also gained ground after a big loss on Tuesday, while bitcoin rose above $99,500.
Inflation data showed headline inflation rising 0.4% vs. estimates of 0.3%, but core inflation cooled. The odds of a rate cut in June increased to 44.6%, according to the CME FedWatch Tool. The yield on the benchmark 10-year Treasury note dropped 13 basis points.
The Nasdaq composite outperformed, rising 2.5% and retaking its 50-day moving average. The Russell 2000 also gained, with financial software company SS&C Technologies (SSNC) teasing a buy point of 77.69 in active trading before surpassing it with a gain of nearly 2%.
Intuitive Surgical (ISRG), SAP (SAP), and SemTech (SMTC) broke out from their respective bases, while Howmet (HWM) soared above its entry point. Nvidia rebounded, despite remaining below the 50-day moving average.
Microsoft launched Quantum Ready, a new program from its Azure cloud computing business, boosting quantum stocks such as IonQ (IONQ) and D-Wave Quantum (QBTS). The odds of a rate cut in June increased, with the yield on the benchmark 10-year Treasury note dropping 13 basis points.
Source: https://www.investors.com/market-trend/stock-market-today/dow-jones-nasdaq-sp500-cpi-inflation-nvidia-stock