Wall Street Today | Market Pulls a Major Rebound After Falling to Start Wednesday

After falling in the morning, the market rebounded in the afternoon after semiconductor prices pulled the S&P 500 and Nasdaq higher. CPI inflation data showed the lowest price increase for three years, and markets reacted to debate comments. Seven out of 11 S&P 500 sectors climbed, and the Nasdaq climbed 3% from its intraday low.

Consumer prices grew 2.5% year over year, the lowest CPI year-to-year growth from the Bureau of Labor Statistics since the beginning of the pandemic. Year-over-year Core CPI, which excludes energy and food, is unchanged from last month's 3.2%. PPI and initial jobless claims will be released on Thursday.

Last week, just before the blackout began in the lead-up to the FOMC September 17-18th rate decision meeting, investors also got word from New York Fed President John Williams Friday that it is time to cut rates.

Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, and inflation is tracking lower, and "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."

Last Friday, the economy added 142k nonfarm payrolls last week, and the Unemployment rate landed at 4.2% in August, according to the Bureau of Labor Statistics. Payrolls were below expected by 20k, but fit the narrative of softening labor in the U.S. that investors have come to expect.

Within industries tracked by moomoo, solar and green energy stocks climbed in part after Vice President Kamala Harris took on former President Donald Trump and talked about investing in Green Energy.