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Nasdaq jumps 2.2%, S&P 500 gains 1.5%, and Dow rises 169 points.
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Nvidia rebounds 2.7% after losing nearly 10% over Jensen Huang’s alleged spy scandal.
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CoreWeave rallies as investors brush off Tuesday’s selloff.
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Fed rate hike odds hit 90% for December, while Goldman Sachs expects another increase in March.
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Wall Street is back in the green on Wednesday, November 11, with CoreWeave (CRWV) posting sharp gains and Nvidia (NVDA) recovering from two straight days of losses. The Nasdaq Composite is up 2.2%, the S&P 500 has gained 1.5%, and the Dow Jones Industrial Average is 169 points higher, or 0.3%.
Nvidia shares are up 2.7% after losing nearly 10% earlier this week following claims that CEO Jensen Huang had admitted to an affair with an alleged Chinese spy. Those claims have not been independently verified here. The chipmaker’s losses dragged down the broader market on Tuesday, leaving all three major indexes in negative territory.
The market sell-off on Tuesday also occurred amid another set of data that provided more reasons for the investors to fear interest rates. The Consumer Price Index went up by 0.4% last month, beating economists’ 0.3% projection. This made the chances of 25 basis point hike from the Fed come to 90% in December based on CME Group’s FedWatch.
Fed Governor Christopher Waller contributed to this expectation at the Bank of England event in London on Tuesday when his speech convinced traders to assign the higher probability to another quarter-point rate hike.
At the same time, Goldman Sachs expects the Fed to increase its rates once again in March, in addition to the one that is predicted to occur in December.
According to the Goldman Sachs economist David Mericle, January could also be an option, although he expects the inflation to subside by the end of 2026, followed by new price pressure starting in 2027.
David wrote in a Tuesday note to clients:
“A third hike could come earlier in January, but we think March is a bit more likely because we expect the November and December inflation reports to be softer but then expect larger start-of-the-year price increases amidst ongoing cost pressures to boost inflation in January.”
Meanwhile, the U.S. bond market is closed Wednesday for Veterans Day, leaving Treasury trading on hold during the stock market’s rebound.
What to Know
Wall Street is bouncing back despite Nvidia’s troubles, stubborn inflation, and growing bets on more Fed rate hikes.
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