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Tech stocks broadly lower as markets recalibrate rate cut bets, NVIDIA rebounds

Published 10/04/2024, 15:04
© Reuters.

Shares of big tech stocks are broadly lower Wednesday after hot CPI data.

The latest inflation report showed that both headline and core prices rose 0.4% month-on-month in March, adding doubts to the idea that the pickup in inflation in January and February was just a blip.

In addition, the data has resulted in the chances of a June rate cut being reduced.

NVIDIA (NASDAQ:NVDA) and Meta Platforms (NASDAQ:META) have rebounded not long after the start of Wednesday's session, now up 1.85% and 0.3%, respectively.

However, Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) are currently down around 1%, while Amazon (NASDAQ:AMZN) is down 0.9% and Apple (NASDAQ:AAPL) has fallen 1.2%. Meanwhile, the S&P 500 has dipped 1%, while the Nasdaq has declined 0.9%.

Fed funds futures market data currently reflects about a 20% chance of the first cut arriving by June, with two cuts fully priced for the year 2024.

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