The Nasdaq gained Wednesday as tech shares recovered and traders took in an August core inflation reading that was stronger than anticipated.
The S&P 500 increased 0.2% while the Dow Jones Industrial Average remained unchanged. While all was going on, the Nasdaq Composite rose 0.4% after dropping the day before.
Following Ron Baron’s reaffirmation of his optimistic thesis on the maker of electric vehicles, billionaire investor Tesla shares increased by 1.5%. Amazon’s stock increased by 2%, along with other mega-cap tech stocks. Shares of Meta Platforms and Microsoft increased by more than 1% each.
In contrast to expectations for 0.2% and 4.3%, the consumer price index’s core inflation reading for August climbed by 0.3% and 4.3%, respectively. Officials from the Federal Reserve pay more attention to the core number because it gives a more accurate picture of long-term inflation trends.
The headline figures, meanwhile, increased 0.6% last month and were up 3.7% from a year earlier. The Dow Jones survey of economists predicted gains of 0.6% and 3.6%, respectively.
Source (CNBC)
