Broadcom named strategic vendor for Walmart virtualization solutions
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.