TECH - Stocks Inch Higher On Soft PPI 'Magnificent 7' Retest 2021 Record Highs: What's Driving Markets Wednesday? | Benzinga
U.S. stocks trended higher on Wednesday, extending gains in a week marked by two soft inflation reports.
After a surprisingly sharp drop in the Consumer Price Index on Tuesday, a similar trend emerged on Wednesday with the Producer Price Index also declining more than anticipated.
October retail sales data revealed a modest 0.1% decrease for the month, which was more favorable than the projected 0.3% fall.
Traders are nearly fully factoring in the likelihood of the Federal Reserve maintaining steady interest rates in December while anticipating four rate reductions next year.
These adjusted expectations for interest rates have sparked an upsurge in major tech stocks.
The “Magnificent Seven” group, featuring prominent tech giants like Apple Inc. (NASDAQ:AAPL), Microsoft Corp. (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META), NVIDIA Corp. (NASDAQ:NVDA) and Tesla, Inc. (NASDAQ:TSLA), is now revisiting peak levels last observed toward the end of 2021.
On a positive note, the House has approved a temporary spending bill that extends government funding through mid-January.
Chart Of The Day: ‘Magnificent 7’ Tech Giants Revisit Record Peaks
Cues From Wednesday’s ...