Record Climb: Nasdaq and Tech Stocks Surpass Expectations as Rate Cuts Loom
U.S. stocks advanced, with Nasdaq hitting a record close, buoyed by tech shares like Apple and optimism for rate cuts. Apple's $100 billion investment announcement and Gilead's earnings boost the S&P 500. President Trump nominated Stephen Miran for a Fed board seat, raising focus on rate policies.
The U.S. stock market ended on a high note, with Nasdaq achieving a record close for the second consecutive day. Technology stocks, particularly Apple, fueled optimism amid expectations of impending rate cuts, contributing to gains across major indexes.
Apple significantly boosted its commitment to U.S. investments by pledging an additional $100 billion, bringing its total to $600 billion over the next four years. Positive news from Gilead Sciences and rising earnings estimates for S&P 500 companies further propelled the market upward.
In political developments, President Trump nominated Stephen Miran to a temporary Federal Reserve board position. This move came as investors evaluated potential successors for Fed Chair Jerome Powell. Market expectations for rate cuts grew, alongside concerns over Trump's recent tariff increases affecting international trade relations, particularly with India.
(With inputs from agencies.)
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Federal Reserve leaves interest rates unchanged even as President Donald Trump demands cuts, reports AP.
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