Alphabet's Victory Boosts Tech Stocks Amid Fed Rate Cut Speculations
The Nasdaq and S&P 500 rose as Alphabet's shares climbed following a favorable court ruling. Google retains its control over Chrome and Android, while potentially benefiting Apple. Fed officials suggest possible rate cuts, influencing market optimism. The Dow declined, with Macy's and Dollar Tree experiencing significant stock movements.
The Nasdaq and S&P 500 experienced moderate gains on Wednesday afternoon, buoyed by a surge in Alphabet's stock. This followed a U.S. judge's decision against fragmenting the Google parent company. The verdict has allowed Google to maintain its grip on the Chrome browser and Android OS.
Shares of Alphabet soared 8.7% post-ruling, while Apple's stock saw an increase, benefiting from sustained payments by Google. Concurrently, two Federal Reserve officials indicated ongoing labor market issues, strengthening the likelihood of an upcoming rate cut.
The Dow, however, dipped by 220.15 points. Despite this, the stock market outlook seems less daunting for September, with an anticipated rate cut spurring investor optimism. Meanwhile, the S&P 500 and Nasdaq advanced modestly, with significant movements in stocks like Macy's and Dollar Tree.
(With inputs from agencies.)
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