Stock market today: S&P 500, Nasdaq hold steady amid signs of more inflation cooldown
Published On Sep 12, 2024, 9:34 AM
U.S. stocks rallied on Thursday, bolstered by investors' optimism surrounding inflation and labor data, which support expectations for a modest interest rate cut next week. The S&P 500 increased by 0.7%, while the Nasdaq gained approximately 1%. A slight rise in the Producer Price Index indicated cooling inflation, with jobless claims rising more than expected. Additionally, tech stocks, particularly Nvidia, showed strong performance, with Nvidia's share price surging over 2% and benefitting from positive market sentiment.
Stock Forecasts
NVDA
Positive
The recent rally in tech stocks suggests that there may be continued positive momentum in the short term, particularly with Federal Reserve rate cut expectations. Given the strong performance of Nvidia, it may experience further gains as investors continue to flock to tech.
MRNA
Negative
Moderna's sharp decline, coupled with its lowered revenue outlook for 2025, indicates potential continued bearish sentiment for the biotech sector, particularly for companies reliant on rapidly changing vaccine markets.
GM
Positive
GM's and Hyundai's collaboration signals a strategic partnership aimed at innovation in the automotive sector, potentially benefiting both parties in the long term. This kind of joint venture could lead to positive stock movements as electric and hydrogen developments gain momentum.
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