Market Rebounds as Falling Oil Prices Ease Inflation Concerns
The US stock market rebounded on Thursday after falling oil prices and Treasury yields eased concerns about inflation. The S&P 500 ended the day 1.1% lower, while the Nasdaq 100 added 1.7% and the Dow Jones Industrial Average rose 0.6%. This turnaround comes a day after the Federal Reserve hiked interest rates.
Nvidia's CEO Jensen Huang expects to sell twice as many chips next year due to rapid AI adoption across various industries. Chipmakers like Nvidia, AMD, Broadcom, and Micron Tech led gains in the VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX), which rose above 2.8% and 3.5%, respectively.
The benchmark 10-year Treasury note yield slipped below 5% after a brief surge above it on Wednesday, following the Federal Reserve's rate hike announcement. West Texas Intermediate crude lost nearly 1% to hover near $101 a barrel, while Brent crude dipped 1% toward $104.