Nasdaq ends sharply lower as Nvidia weighs
) as investors rotated into smaller companies after softer-than-expected inflation data fed hopes the Federal Reserve will cut interest rates in September.
Interest rates futures suggest traders see an over 90% chance the Fed will cut rates by its September meeting, up from about 74% on Wednesday, according to CME Group's fell 2.4% after hitting a record high on Wednesday. BofA Global Markets raised its price target for Apple, saying it expects strong iPhone sales driven in part by new AI features., which has significantly lagged the benchmark index in 2024, jumped 3.
The S&P 500 real Estate index jumped 2.8%, trimming its year-to-date losses to 1%. The communication services and information technology indexes each lost almost 3%.) slumped almost 6%, on track for its biggest one-day fall since mid-January, after forecasting lower-than-expected profits in the current quarter."This might be a place where consumers are getting pinched by inflation.
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