Nasdaq’s charge on Wall Street has largely been supported by outsized gains in mega-cap growth stocks.
The Facebook parent’s results followed a strong performance by Alphabet earlier this week, which shows that consumers, and advertisers eager to reach them, are spending despite broad economic concerns.Federal Reserve chair Jerome Powell said the economy still needed to slow and the labour market to weaken for inflation to “credibly” return to the US central bank’s 2% target.
Traders expect only a slim 20% chance that the US central bank could surprise with a quarter-point increase in September. While Nasdaq has led the charge on Wall Street so far this year supported by outsized gains in mega-cap growth stocks, Dow is catching up as investors bet on sectors beyond technology.