Chip stocks bolster Nasdaq, S&P 500 before Fed verdict
were poised to open sharply higher on Wednesday after a bullish forecast from AMD boosted struggling chip stocks, while Microsoft soared 7.5% in premarket trading after it lifted its 2024 forecast for AI-chip sales, raising other chip stocks. Nvidia (NASDAQ:
"AMD's results pleased investors more than Microsoft's disappointed, and as a result people are adding to positions in the semiconductor space," said Sam Stovall, chief investment strategist at CFRA Research. Quarterly earnings from tech giants Tesla, Microsoft and Alphabet have so far disappointed investors, who are questioning if the AI-driven rally has run out of steam.
With traders fully pricing in a cut by September, according to CME's FedWatch, the fear is that any disappointment on this front could amplify the recent equity selloff.
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S&P 500, Nasdaq post record closes Friday as jobs report raises Fed rate cut hopesPia Singh is an associate reporter covering markets and investing trends for CNBC.com and CNBC Pro. She previously reported for The Wall Street Journal. Pia is a graduate of the University of Pennsylvania, where she was the Executive Editor of The Daily Pennsylvanian.
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