Wall Street Eyes Fed Rate Cuts After Weak Jobs Report
The S&P 500 and Nasdaq rose as investors speculated about future Federal Reserve rate cuts following a weak jobs report. Traders anticipate significant rate cuts, and technology stocks fueled market gains. EchoStar's deal with SpaceX boosted its stock, while traditional telecommunications companies saw declines.
Stocks on Wall Street surged on Monday, buoyed by expectations that the Federal Reserve might soon reduce interest rates following a disappointing jobs report. The S&P 500 climbed by 0.30%, while the Nasdaq advanced 0.74% amid mounting hopes for economic relief.
The weak employment data, released last Friday, intensified concerns over a slowing U.S. economy, leading traders to predict multiple rate cuts this year. The chances of a 25-basis-point reduction stand at 88%, with some also betting on a substantial 50-bps cut.
Technology stocks, notably Broadcom and Nvidia, led the upward momentum with significant gains. Meanwhile, advances outnumbered declines on both the NYSE and Nasdaq. Telecom stocks fell as EchoStar's major deal with SpaceX captured market attention.
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