Stock market today: S&P 500, Nasdaq futures hold steady amid more inflation data

Published On Sep 12, 2024, 8:48 AM

On Thursday, US stocks experienced notable increases driven by positive market sentiment concerning tech stocks and anticipations of a Federal Reserve interest rate cut. The S&P 500 saw a rise of 0.7%, while the Nasdaq Composite surged around 1%, fueled by gains from major tech players like Nvidia and Meta. Investors reacted to inflation data suggesting cooling pressures, notably from a Producer Price Index increase of 0.2%. The likelihood of a 25 basis point rate cut from the Federal Reserve next week rose to 87% following these reports. In contrast, shares of Moderna fell sharply by 12% after the company downgraded its revenue projections for 2025.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

The positive momentum in the tech sector, particularly with strong gains from leading companies and favorable consumer sentiment ahead of a likely rate cut, suggests a bullish environment for tech stocks.

MRNAView MRNA chart on TradingView

Negative

Despite current optimistic market conditions, Moderna's reduced revenue outlook raises concerns and suggests a downward trend for its stock in the near term.

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