S&P 500, Nasdaq scale record highs as Nvidia leads megacap charge
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
TSMC rises on strong Q2 revenue growth
Intuit to cut about 1,800 jobs; shares fall
Illumina rises after acquiring Fluent BioSciences
Indexes up: Dow 0.05%, S&P 0.25%, Nasdaq 0.48%
Updated at 9:53 a.m. ET
By Lisa Pauline Mattackal and Ankika Biswas
July 10 (Reuters) - The Nasdaq and the S&P 500 hit record highs on Wednesday as strength in Nvidia and other mega stocks supported Wall Street's winning streak, which will be tested by key inflation data and second-quarter earnings later this week.
Nvidia NVDA.O jumped 1.3% to hit a nearly three-week high while Micron Technology MU.O, Advanced Micro Devices AMD.O and ON Semiconductor ON.O rose about 1%, propelling the SE Semiconductor index .SOX to a record high.
U.S.-listed shares of Taiwan Semiconductor Manufacturing Co TSM.N climbed 2.5% after the world's largest contract chipmaker posted a second-quarter revenue beat.
Of the so-called "Magnificent Seven" stocks,Alphabet GOOGL.O and Microsoft MSFT.O rose 1% and 0.5%, respectively. Apple AAPL.O also climbed1%, to touch arecord high, as U.S. Treasury yields slipped.
The S&P 500 Tech Index .SPLRCT topped sectoral gainers, while Energy .SPNY was the worst hit.
With just a handful of large-cap stocks supporting Wall Street's banner rally this year, participants wonder when other sections of the market willcatch up, leading someto call for greaterdiversification.
The S&P 500 and the Nasdaqnotched their fifth straight intraday record highs after hopes for an interest-rate cut in September received a boost fromJerome Powell, who said theU.S. was "no longer an overheated economy".
While Powell refrained from committing to a timeline for rate cuts in his testimony to Congress on Tuesday, he is now slated to appear before the House Financial Services Committee for further questioning from lawmakers.
"Powell came in a little bit more dovish than we expected... he's purposely trying to signal to markets that if there is a good inflation print this week, September is back on the table as a possibility for a rate cut," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
Bets on a 25-basis-point rate cut by September ticked up to74%, up from around 70% on Tuesday and 45% a month ago, according to CME's FedWatch. Comments from Fed officials Austan Goolsbee, Michelle Bowman and Lisa Cook are also expected through the day.
The focuswill now shift to inflation data this week, with the ConsumerPrice Index due on Thursday and the Producer Price Index report on Friday.
The second-quarter earnings season, which kicks off this week with major banks reporting onFriday, will be a key test for whether high-flying megacaps can justify expensive valuations and continue their strong runs.
At 9:53 a.m. ET, the Dow Jones Industrial Average .DJI was up 17.83 points, or 0.05%, at 39,309.80, the S&P 500 .SPX was up 14.12 points, or 0.25%, at 5,591.10, and the Nasdaq Composite .IXIC was up 87.84 points, or 0.48%, at 18,517.13.
TurboTax parent Intuit INTU.O, whichplans to lay off about 10% of its workforce, lost 2.8%.
Gene-sequencing equipment maker Illumina ILMN.O jumped2.6% on plans to acquire privately held Fluent BioSciences.
Advancing issues outnumbered decliners by a 2.46-to-1 ratio on the NYSE, andby a 1.67-to-1 ratio on the Nasdaq.
The S&P index recorded 17 new 52-week highs and six new lows, while the Nasdaq recorded 25 new highs and 50 new lows.
Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Pooja Desai
Activos relacionados
Últimas noticias
Descargo de responsabilidades: Cada una de las entidades de XM Group proporciona un servicio de solo ejecución y acceso a nuestra plataforma de trading online, permitiendo a una persona ver o usar el contenido disponible en o a través del sitio web, sin intención de cambiarlo ni ampliarlo. Dicho acceso y uso están sujetos en todo momento a: (i) Términos y Condiciones; (ii) Advertencias de riesgo; y (iii) Descargo completo de responsabilidades. Por lo tanto, dicho contenido se proporciona exclusivamente como información general. En particular, por favor tenga en cuenta que, los contenidos de nuestra plataforma de trading online no son ni solicitud ni una oferta para entrar a realizar transacciones en los mercados financieros. Operar en cualquier mercado financiero implica un nivel de riesgo significativo para su capital.
Todo el material publicado en nuestra plataforma de trading online tiene únicamente fines educativos/informativos y no contiene –y no debe considerarse que contenga– asesoramiento ni recomendaciones financieras, tributarias o de inversión, ni un registro de nuestros precios de trading, ni una oferta ni solicitud de transacción con instrumentos financieros ni promociones financieras no solicitadas.
Cualquier contenido de terceros, así como el contenido preparado por XM, como por ejemplo opiniones, noticias, investigaciones, análisis, precios, otras informaciones o enlaces a sitios de terceros que figuran en este sitio web se proporcionan “tal cual”, como comentarios generales del mercado y no constituyen un asesoramiento en materia de inversión. En la medida en que cualquier contenido se interprete como investigación de inversión, usted debe tener en cuenta y aceptar que dicho contenido no fue concebido ni elaborado de acuerdo con los requisitos legales diseñados para promover la independencia en materia de investigación de inversiones y, por tanto, se considera como una comunicación comercial en virtud de las leyes y regulaciones pertinentes. Por favor, asegúrese de haber leído y comprendido nuestro Aviso sobre investigación de inversión no independiente y advertencia de riesgo en relación con la información anterior, al que se puede acceder aquí.
