Wall Street continues hopeful climb following tech stocks rally
Wall Street futures rose Tuesday as traders waited for signs of interest rate plans from this week’s Federal Reserve conference, the Associated Press reports.
Wall Street’s benchmark S&P 500 index rose Monday for its first gain in five days as tech stocks rallied. Nvidia jumped 8.5% and Microsoft advanced 1.7%. Tesla rose 7.3% to recover some of last week’s 11% loss. Security software maker Palo Alto Networks jumped 14.8% for the biggest gain in the S&P 500.
Traders hope officials at the Fed’s summer Jackson Hole, Wyoming, conference say they are finished raising interest rates that are at a two-decade high, but forecasters warn they might say inflation isn’t under control yet.
Today on Wall Street, the S&P 500 future was up 0.3%, and the Dow Jones Industrial Average advanced 0.2%.
In energy markets, benchmark U.S. crude lost 29 cents to $79.83 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oil trading, shed 34 cents to $84.12 per barrel in London.
The dollar declined to 145.61 yen from Monday’s 146.11 yen.