Market Highlights
On Thursday morning, the Nasdaq Composite rose by 1.4%, the S&P 500 climbed 0.9%, and the Dow Jones Industrial Average gained 0.4%. This comeback followed a 630-point drop in the Dow after Wednesday’s rate hike decision, which raised the federal funds target range to 3.75%-4%.
Intel’s stock surged 8.6% after CEO Lip-Bu Tan revealed that the company can only meet 50% of CPU demand due to manufacturing and memory chip shortages. Other chip manufacturers also saw gains, with Micron Technology up 5.8% and Nvidia rising 2.5%. Meanwhile, the 10-year Treasury yield fell to 4.949%, and U.S. crude prices dropped to around $100 a barrel.
According to the latest Federal Reserve dot plot, 10 out of 18 officials predict no rate cuts through 2029, suggesting continued monetary tightening ahead. The market is expected to navigate potential volatility in response to these developments.
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