S&P 500 rises with tech boost while inflation data dents bigger rate-cut hopes
August Core CPI up 0.3% vs economist estimates for 0.2% rise
Trump Media & Technology shares slide, Solar stocks rally
Indexes up: Dow 0.02%, S&P 500 0.58%, Nasdaq 1.55%
Updated prices at 2:40 p.m ET/ 1840 GMT
By Sinéad Carew and Shashwat Chauhan
Sept 11 (Reuters) -The S&P 500 index regained ground on Wednesday with a boost from the technology sector offsetting investor disappointment at the early morning inflation report, which crushed hopes the Federal Reserve would cut interest rates by 50 basis points next week.
The S&P 500 technology index .SPLRCT reversed course after opening lower and was last up 2.4% with its biggest boost from Nvidia NVDA.O, up 6.3%. Semafor reported that the U.S. government is considering letting the AI chip company export advanced chips to Saudi Arabia .
Market sentiment was also driven by political developments the day after U.S Presidential candidate Kamala Harrisput her Republican rival Donald Trump on the defensive in a combative presidential debate.
The Labor Department reported the consumer price index (CPI) rose 0.2% last month, in line with July. Core CPI , excluding volatile food and energy components, rose 0.3% on a monthly basis, exceeding economist expectations for a 0.2% rise.
This changed traders bets to a85% probability for a 25 basis points cut by the Federal Reserve from 66% on Tuesday and the probability of a 50 basis point cut fell to 13% from 34% a day ago, according to CME Group's FedWatch tool.
"Maybe the market was looking for a softer inflation print which would give the Fed more reason to cut by 50 basis points next week." said Jack Janasiewicz, portfolio manager, at Natixis. "This report was in-line to slightly hotter than expectations. As a result, this puts a bit of pressure on the Fed to cut by only 25 basis points."
As the day wore on investors may have come to terms with the inflation numbers, according to Janasiewicz who also pointed to technology as the stand out "which has helped prop up the broader market."
At 02:40 p.m. the Dow Jones Industrial Average .DJI rose 9.60 points, or 0.02%, to 40,746.56, the S&P 500 .SPX gained 31.81 points, or 0.58%, to 5,527.33 and the Nasdaq Composite .IXIC gained 263.22 points, or 1.55%, to 17,289.10.
Among the sector laggards, consumer staples .SPLRCS was down 1% while the S&P 500 financial index .SPSY was down 0.8%.
Big U.S. lenders extended Tuesday's declines, sparked by warnings of a dip in trading revenue, a slower-than-anticipated recovery in investment banking and an expected hit to interest income from looming rate cuts.
After the Presidential debate, pricing for a Trump victory was at 48 cents on online betting site PredictIt, andat 55 cents for a Harris win.
As a result, stocksexpected to perform well under a Trump presidency fell, with cryptocurrency and blockchain-related shares and prison operators lower. Trump Media & Technology Group DJT.O slumped 11.8%.
Meanwhile, solar stocks, seen as benefiting from a Harris administration, attracted some buyers. First Solar FSLR.O was up 14% while SunrunRUN.O added 9% andSolarEdge Technologies SEDG.O was up 6.7%.
While the debate offered Wall Street little clarity on key policy issues, some market watchers see Harris' proposals to raise the corporate tax rate as likely to hit company profits, while Trump's tougher stance on tariffs could stoke inflation.
GameStop GME.N dropped almost 15% after the videogame retailer said it had filed for an offering of up to 20 million shares and reported lower second-quarter revenue.
Shares of lithium miners jumped after Chinese battery giant CATL 300750.SZ said it plans to make adjustments to lithium carbonate production in Yichun. Albemarle ALB.N, one of the largest lithium miners in the world, jumped 11.9%.
Advancing issues outnumbered decliners by a 1.01-to-1 ratio on the NYSE where there were 274 new highs and 122 new loww.
On the Nasdaq, 2,039 stocks rose and 2,058 fell as declining issues outnumbered advancers by a 1.01-to-1 ratio.
The S&P 500 posted 13 new 52-week highs and 17 new lows while the Nasdaq Composite recorded 41 new highs and 120 new lows.
Reporting by Sinéad Carew, Shashwat Chauhan and Lisa Mattackal in Bengaluru; Editing by Shounak Dasgupta, Maju Samuel and David Gregorio
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
