Investors were spooked by a raft of strong US economic reports that raised the possibility of interest rates staying painfully high.
In the latest example of how good news for the economy can be bad for Wall Street, most US stocks slumped Thursday after strong economic reports raised the possibility of interest rates staying painfully high. The weakness was widespread and overshadowed another blowout profit report from market heavyweight Nvidia.
Treasury yields had been close to flat following the joblessness report but turned higher immediately after the report on business activity, which also suggested selling prices remain stubbornly high. Hopes are still high for at least one cut to rates this year. But traders pulled some back on some of those bets following Thursday’s reports.
They helped to more than offset a 9.3 per cent leap for Nvidia, which delivered its latest knockout profit report late on Wednesday. Its revenue surged 262 per cent in the latest quarter from a year earlier, and its profit leaped an eye-popping 629 per cent. The company’s chips are helping to train artificial-intelligence systems, and demand for them has been voracious.
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