Powell hinted at a rate cut in September, resulting in the largest five-month gain for the S&P NASDAQ in nearly five months. Nvidia surged nearly 13%, while oil prices rose 4%.
S&P 500 rose more than 2%, while Nasdaq rose more than 3%, both achieving their best daily performance since February. In July, Nasdaq was the only major index to fall but stopped its two-month rise. The small-cap stock index rose by 10% and was the best this year so far. On Wednesday, the chip stock index surged by 7%, but it fell more than 4% monthly, while Nvidia rose by nearly 13% but fell more than 5% monthly. Qualcomm closed up more than 8%, and the financial report exceeded expectations but fell after hours. Arm rose more than 8%, but poor revenue outlook for the year led to a drop of more than 13% after hours. Meta's capital expenditure in the second quarter was lower than expected and did not raise the upper limit of the annual interval again, rose 5% after hours. Japan's central bank raised interest rates, causing the yen to rise by 2%. It is the first time in four months that the yen has risen above 150, and it rose nearly 7% in July, the best in 20 months.
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Morgan Stanley supports Nvidia: still the "preferred stock", with strong delivery expected in the fourth quarter.
Morgan Stanley believes that this round of selling may be a very good buying opportunity, setting Nvidia's target stock price at $144.00, 38.8% higher than Tuesday's closing price.
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