Semiconductor stocks rally after US Fed kicks off easing cycle; Nvidia soars 5%, S&P 500 hits record-high

Sep 19, 2024
semiconductor-stocks-rally-after-us-fed-kicks-off-easing-cycle;-nvidia-soars-5%,-s&p-500-hits-record-high
Semiconductor stocks in US markets rallied after Fed kicked off the easing cycle with a 50 bps rate cut; Nvidia rose five per cent. (Image: Pixabay)
Semiconductor stocks in US markets rallied after Fed kicked off the easing cycle with a 50 bps rate cut; Nvidia rose five per cent. (Image: Pixabay)

Semiconductor stocks such as Nvidia rose 4.7%, while Advanced Micro Devices gained 3.5% and Broadcom added 3.8%, sending the Philadelphia SE Semiconductor Index up 3.6%. 

Wall Street rallied on Thursday with the S&P 500 hitting another intraday record high after the Federal Reserve kicked off its easing cycle with half-a-percentage point reduction and forecast more cuts were on the horizon.

Rate-sensitive growth stocks that have led much of this year’s rally rose. Microsoft added 2%, Tesla gained 4.2% and Apple advanced 2.6%.

more to come

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First Published:

19 Sep 2024, 08:17 PM IST

Business NewsMarketsStock MarketsSemiconductor stocks rally after US Fed kicks off easing cycle; Nvidia soars 5%, S&P 500 hits record-high

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