US stock: S&P 500, Nasdaq boosted by chip rally, Fed rate cut signals

Wall Street stocks rallied Wednesday after the US Federal Reserve signaled it could cut interest rates as soon as September, with tech shares leading the way. Major US indices spent almost the entire day in positive territory, hitting peaks during Fed Chair Jerome Powell's press conference before edging down a bit.

Aug 1, 2024 - 08:00

US stock: S&P 500, Nasdaq boosted by chip rally, Fed rate cut signals

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Wall Street stocks rallied Wednesday after the US Federal Reserve signaled it could cut interest rates as soon as September, with tech shares leading the way. Major US indices spent almost the entire day in positive territory, hitting peaks during Fed Chair Jerome Powell's press conference before edging down a bit.