"Intel soared 29.3% and was heading toward its best day since 1973 after Nvidia said it would buy $5 billion of the chipmaker's stock. It's part of a collaboration where the pair will develop products for data centers and personal computers. Nvidia climbed 3.4% and was by far the strongest force lifting the S&P 500 because it's Wall Street's most valuable company."
"The Fed also indicated more cuts may be on the way this year and next, though Chair Jerome Powell warned that the Fed is stuck in a precarious position and may have to change course quickly. That's because the economy is in the unusual situation where the job market is slowing when inflation is remaining stubbornly high at the same time."
"Encouraging reports on the economy, meanwhile, helped send Treasury yields climbing in the bond market. One report said that growth in manufacturing in the mid-Atlantic region was much stronger than economists expected. Another said that fewer U.S. workers applied for unemployment benefits last week than expected. The second report could indicate the pace of layoffs is slowing, and it was a relief after the prior week's data showed a disconcerting leap to a four-year high."
Major U.S. stock indexes climbed, with the S&P 500 rising 0.5% and nearing an all-time high as the Dow and Nasdaq also approached record territory. Intel surged 29.3% after Nvidia announced a $5 billion purchase of Intel stock and a collaboration to build data-center and PC products; Nvidia rose 3.4% and drove gains due to its market value. Stronger-than-expected regional manufacturing and lower-than-expected jobless claims pushed Treasury yields higher. The Federal Reserve cut its main interest rate, signaled further cuts may follow, and warned of a difficult trade-off between slowing jobs and persistent inflation.
Read at Fast Company
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