Stock futures inch lower as investors brace for more inflation and labor data

Published On Sep 11, 2024, 6:03 PM

On September 9, 2024, stock markets rallied as investors bought dip in tech stocks ahead of a widely anticipated interest rate cut by the Federal Reserve. The S&P 500 rose 0.75%, closing just 1.3% shy of a new all-time high. Major tech companies like Nvidia, Alphabet, and Meta saw significant gains, underpinned by positive inflation data. Analysts predict the S&P 500 may hit a new peak as cooling inflation and Fed rate cuts create a favorable environment for stocks, particularly in the tech and small-cap sectors.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

Nvidia continues to attract investor attention amid strong demand and product pipeline discussions. Its growth trajectory suggests sustained interest from investors.

MRNAView MRNA chart on TradingView

Negative

Moderna's significant drop due to cost-cutting measures and slowed R&D indicates underlying challenges, which may lead to continued bearish sentiment.

XPOView XPO chart on TradingView

Positive

The oil sector is poised for potential gains following recent disruptions, particularly with stocks like XPO benefitting from rising crude prices.

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