April 1 - The tech-heavy Nasdaq outpaced Wall Street peers on Monday as megacap growth stocks gained on hopes of an early rate cut by the U.S. Federal Reserve after the latest batch of data showed signs of softening inflation.
Fed Chair Jerome Powell said on Friday that the latest U.S. inflation data was"along the lines of what we would like to see" - comments that appeared to keep the central bank's baseline for interest rate cuts this year intact. "There hasn't been a whole lot of movement around those three . The market keeps waiting for data, keeps waiting for the Fed to say things, but you're getting some degree of mixed messages," said Thomas Martin, senior portfolio manager at GLOBALT Investments.The gains on Wall Street have been powered by optimism around artificial intelligence, robust earnings and hopes of a soft landing - where inflation moderates without causing an economic slowdown.
On the data front, the S&P Global's final manufacturing PMI report for March came in at 51.9, while the ISM manufacturing March PMI came in at 50.3 against expectations of 48.5. The Philadelphia Semiconductor Index , opens new tab gained 2.4%, with chipmakers like Micron Technology , opens new tab, and Marvell Technology , opens new tab rising 7.0% and 3.7%, respectively.
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