US Tech Stocks Rally as Waller Eases Rate-Hike Expectations

The US tech stocks rallied as Federal Reserve Governor Waller eased rate-hike expectations. The three major U.S. stock indices rose across the board, with the S&P 500 Index gaining 1.07% to close at 7,748 points, and the Nasdaq Composite Index advancing 1.40% to close at 26,584 points.

Prominent tech stocks gained across the board, among which SpaceX (SPCX) surged over 6%, Tesla (TSLA) rose over 4%, Meta (META) gained over 3%, Microsoft (MSFT) advanced over 2%, and Nvidia (NVDA), Amazon (AMZN), and Google (GOOG) all climbed over 1%.

Bitcoin topped $80,000, rising 5.4% to $81,002.69; Ethereum gained 5.3% to $2,500.73; Ripple jumped 7.53% to trade at $1.44; Solana advanced 4.15% to $103.59.

Federal Reserve Governor Waller stated that inflation has shown signs of easing, but he would support rate hikes if the data rebounds. He pointed out three reasons: underlying core inflation is actually performing better than the core data itself indicates, with about half of the July core PCE price index increase stemming from non-market service prices; he also no longer views elevated energy prices and tariffs as long-term sources of persistent inflationary pressure.