U.S. stocks rebounded on Thursday after an unsteady trading day on Wednesday dominated by the Federal Reserve's policy meeting. Investors, relieved by Chair Jerome Powell's dovish stance on interest rates, have refocused their attention on upcoming earnings reports and economic data.
The S&P 500 climbed roughly 0.5%, while the Dow Jones Industrial Average gained a similar percentage. The tech-heavy Nasdaq Composite led the surge, rising 0.9%. This follows a rollercoaster ride on Wednesday as investors awaited the Fed's decision, with concerns about inflation potentially triggering a rate hike.
Relief After Fed Meeting, Jobs Report Looms Large
Powell's assurance that the Fed would prioritize data-driven decisions calmed investors' anxieties. The focus now shifts to Friday's release of the April jobs report, a critical data point for the central bank. A strong report could indicate resilience in the labor market, potentially influencing future policy decisions.
Adding to the market's turnaround is a report from the Organisation for Economic Co-operation and Development (OECD) highlighting the US economy's outperformance as a driver of faster-than-anticipated global growth.
Semiconductors Lead Tech Rally
The technology sector enjoyed strong gains on Thursday, with semiconductor stocks leading the charge. The Information Technology Sector Select ETF (XLK) jumped over 1%. Chipmakers like Nvidia (NVDA), Qualcomm (QCOM), and ASML (ASML) all experienced notable increases following positive earnings news.
All Eyes on Nvidia Earnings
The highly anticipated earnings report from Nvidia will be a major market mover. Wall Street analysts predict a blowout quarter. However, Will it be enough to keep the good times going.
Stay tuned.
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