US stocks rebounded on Thursday, with Big Tech stocks leading the charge after a sell-off triggered by Wednesday’s surprise increase in consumer prices. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all saw gains, with tech giants like Apple, Nvidia, and Amazon driving the rally.
The 10-year Treasury yield steadied after a surge, while the Producer Price Index showed a lower-than-expected increase in March. Despite the positive news on inflation, concerns about Federal Reserve policy adjustments lingered, with the market now pricing in fewer rate cuts for 2024.
Investors are now turning their attention to first-quarter corporate earnings, hoping for strong results to boost stocks. Major banks like JPMorgan are set to report on Friday, kicking off the earnings season in earnest.
In other news, Amazon CEO Andy Jassy highlighted the company’s focus on artificial intelligence in his annual shareholder letter, pushing the stock to a record high. Nvidia also saw gains, with analysts raising their price target on the AI chipmaker.
Meanwhile, oil prices retreated despite tensions in the Middle East, and the Fed’s Williams reiterated expectations for rate cuts later this year. Overall, the market remains cautious but optimistic as it navigates through economic uncertainties.
