Alphabet and Apple Surge Amid Federal Reserve Rate Speculations
Stock markets saw mixed results as Nasdaq rose by 1% and the S&P 500 increased, driven by Alphabet's strong performance after a favorable court ruling. Despite some concerns, investors remain optimistic about potential Federal Reserve interest rate cuts. Notable stock movements included gains for Apple and Macy's, and losses for Boeing and Dollar Tree.
In an eventful day for the stock market, Nasdaq climbed by 1%, buoyed by Alphabet's strong performance following a U.S. court ruling against breaking up the tech giant. The S&P 500 also rose, reflecting optimism about potential interest rate cuts by the Federal Reserve later this month.
Alphabet's shares surged 9.1% after a legal victory allowed Google to maintain control over key products, boosting investor sentiment. Apple saw a 3.8% rise, benefiting from the decision to uphold its significant agreements with Google. 'Google and Apple got a lifeline,' stated Jake Dollarhide of Longbow Asset Management.
Meanwhile, Fed officials hinted at possible rate cuts due to labor market concerns, with Atlanta Fed President Raphael Bostic suggesting such a move is likely but unspecified when. Investors are keenly awaiting the monthly jobs report to gain further insights into the economy's direction.
(With inputs from agencies.)
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