Wall Street's Record Surge Amid Rate-Cut Speculations
Wall Street indexes soared to record highs following a disappointing August jobs report, increasing bets on imminent U.S. interest rate cuts. Notably, Broadcom's strong revenue forecast boosted tech stocks, despite a declined profit forecast from Lululemon. AI revenue growth predictions fueled Broadcom's significant rise.
Wall Street's main indexes soared to record highs on Friday following a weaker-than-expected August jobs report. This fueled investor speculation on imminent rate cuts from the U.S. Federal Reserve. Notably, chip giant Broadcom surged on robust quarterly earnings and a positive AI revenue forecast.
The disappointing U.S. job growth in August, with the unemployment rate rising to 4.3%, strengthened the case for the Federal Reserve to cut rates this month. Investors are increasingly betting on a potential interest-rate cut, with CME's FedWatch Tool showing a 16% chance of a 50-basis-point cut in September.
Tech stocks received a significant boost, led by Broadcom's stellar performance. Meanwhile, Lululemon's shares plunged due to a slashed annual profit forecast. Despite this, the S&P 500 closed at a record high, maintaining a positive trajectory in early September trading.
(With inputs from agencies.)
- READ MORE ON:
- WallStreet
- StockMarket
- RateCuts
- Broadcom
- Technology
- Growth
- AIRevenue
- InterestRates
- Indexes
- Lululemon
ALSO READ
Cement GST Cut: A Catalyst for Infrastructure Growth
InvITs in India: Paving the Way for Infrastructure Growth
Indian REITs Surge Ahead: Landmark Growth and Future Potential Unveiled
Revving Up: Stellantis India Anticipates Growth Surge Amid Festive Season and GST Reforms
WRAPUP 2-US job growth weakened sharply in August; unemployment rate rises to 4.3%
Google News