Big Tech Leads the Way
U.S. equities capped a third-straight weekly gain, yet the small cap-focused Russell 2000 ended negative for the first time in four weeks. Big tech stocks led gainers, boosted by positive earnings data that renewed AI optimism. While as expected, the Federal Reserve voted to cut interest rates by a quarter-point, Fed Chairman Powell stirred angst saying a December rate cut “is not a foregone conclusion”, citing stubborn inflation and labor market concerns. Odds for a December rate cut fell to 62% from 90% before Powell’s comments.
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