S&P, Nasdaq jump for 4th straight day

Published On Sep 12, 2024, 4:06 PM

On Thursday, U.S. stocks rose as investors reacted positively to new inflation and labor data, leading to expectations of a smaller interest rate cut from the Federal Reserve next week. The S&P 500 increased by 0.7%, marking its fourth consecutive positive day, while the tech-heavy Nasdaq Composite jumped about 1%. Key data, including a 0.2% rise in the Producer Price Index and an increase in jobless claims, fueled expectations for a 25 basis point rate cut rather than a larger reduction. In corporate news, Moderna's stock fell 12% after adjusting its revenue forecast. Additionally, tech companies like Nvidia and Meta saw gains, bolstering market optimism.

Stock Forecasts

The overall tech sector appears to be gaining momentum, primarily driven by strong performances from leading companies like Nvidia and Meta. The anticipated Federal Reserve rate cut next week is likely to bolster investor sentiment, supporting further gains in tech stocks as interest rates decline.

Following the downward revision of revenue outlook for 2025 and budget cuts announced by Moderna, investor confidence in the company's stock may decline, leading to a potential further decrease in stock price.

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