Breaking News | US Stock Indexes Rapidly Rise, Nvidia and Apple Turn Higher, While Intel Continues to Fall Over 6%
M+ Global Updates 03/04/2024 22:14

The US stock indexes are seen rising sharply. As of the time of writing, the S&P 500 $S&P 500 index SPX$ rose 0.20%, the Nasdaq Composite rose 0.12%, and the Dow Jones Industrial Average rose 0.20%.

On Wednesday, the U.S. ADP employment data for March exceeded expectations and marked the largest increase since July 2023, further evidence that the U.S. economy continues to strengthen, leading markets to reduce bets on the Federal Reserve cutting interest rates. The president of the Federal Reserve Bank of Atlanta expects only one rate cut this year, which could occur in the fourth quarter.

Intel $Intel Corporation INTC$ dropped over 6%, Tesla $Tesla Motors, Inc. TSLA$ dropped by 1%, while other tech giants such as Nvidia, Apple, Meta and Amazon rose.

Popular Chinese concept stocks generally fell, with Li Auto $LI AUto LI$ and XPeng Motors $XPENG INC. XPEV$ both dropping over 3%, and and NIO nearly down 2%, followed by declines in Alibaba, Pinduoduo, and others.

Cyclical stocks saw widespread gains, with Alcoa $Alcoa Inc. AA$ rising over 3%, Southern Copper Corporation up over 2%, and Freeport-McMoRan nearly up 2%.


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

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