Nvidia leads tech bounce back from post-CPI sell-off
Published On Sep 11, 2024, 2:58 PM
On Wednesday, US stocks initially faced losses but rebounded to close higher. The S&P 500 increased by over 1%, driven by strong gains in the tech sector, particularly Nvidia, which surged more than 8%. Investors are reacting to August's inflation data, which showed a decrease in overall consumer prices but a larger-than-expected rise in core inflation without food and energy costs. This has influenced expectations regarding the Federal Reserve's upcoming interest rate decision, now leaning towards a smaller 25 basis point cut rather than a more aggressive 50 basis points. Meanwhile, GameStop shares dropped nearly 12% after reporting disappointing earnings and plans to issue new shares, while Trump Media stocks also fell after a heated presidential debate.