US Stocks Rebound as Inflation Data Reinforces Rate Cut Hopes
Wall Street rallies with Dow surging over 600 points; Fed's preferred inflation gauge shows signs of easing.
- The Dow Jones Industrial Average jumped 602 points, or 1.5%, driven by a recovery in tech and chip stocks.
- The Fed's Personal Consumption Expenditures Price Index rose 0.1% in June, aligning with expectations and boosting rate cut optimism.
- Investors are increasingly betting on a 25-basis-point rate cut by September, with potential for multiple cuts by year-end.
- Small-cap stocks outperformed, with the Russell 2000 gaining 1.7%, as lower rates are expected to benefit smaller companies.
- Earnings reports from major tech firms next week are anticipated to influence market directions further.
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