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Wall Street exhaled a sigh of relief as the Federal Reserve’s favored gauge of inflation cooled as anticipated in January, quelling fears that an unexpected rise in the Consumer Price Index (CPI) might spill over into the Personal Consumption Expenditure (PCE) price index.
At noon in New York, the Nasdaq 100 was up 0.4%, striving to erase losses from Wednesday. The S&P 500 Index and the Dow Jones Industrial Average exhibited more subdued reactions, with gains of 0.1% and a decline of 0.2%, respectively, while the Russell 2000 edged 0.3% higher.
Among major tech stocks, Advanced Micro Devices Inc. (NASDAQ:AMD) stands out, surging over 6% to achieve a new all-time high, emerging as the top performer in the semiconductor sector today.
Conversely, Apple Inc. (NASDAQ:AAPL) continues to deliver lackluster results, dropping 1% to $178, marking its tenth negative day out of the last thirteen and poised to close at its lowest levels since early November 2023. Recent reports indicate that Apple’s iPhone 15 series is being heavily discounted by resellers in China, signaling a sustained decline in demand.
Treasury yields edged lower as traders adjust their positions in anticipation of a rate cut in June. The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rose 0.6%.
In the volatile crypto market, Bitcoin (CRYPTO: BTC) is down over 2% to $61,000, after hitting an intraday high of $63,675.
Major Indices | Price | 1-day % Chg |
Nasdaq 100 | 17,949.36 | 0.4% |
Russell 2000 | 203.07 | 0.4% |
S&P 500 | 5,077.32 | 0.1% |
Dow Jones | 38,881.01 | -0.2% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% higher to $506.76, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.1% to $389.15 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.4% to $437.06, according to Benzinga Pro data.
The Real Estate Select Sector SPDR Fund (NYSE:XLU), was the notable outperformer for the second straight session, up by 0.8%, while the Health Care Select Sector SPDR Fund (NYSE:XLE) continued to lag behind, down 0.6%.
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Image: Midjourney
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