by Noel Randewich and Ankika Biswas
(Reuters) – The New York Stock Exchange ended higher on Wednesday, led by semiconductor companies ahead of the release of June CPI inflation data on Thursday.
The Dow Jones index gained 1.1%, or 429.39 points, to 39,721.36 points.
The broader S&P 500 gained 56.93 points, or 1 percent, to 5,633.91.
The Nasdaq Composite rose 218.157 points, or 1.2%, to 18,647.448 points.
The Nasdaq and S&P 500 hit record highs in the session, driven in particular by the performance of Nvidia. The Nasdaq signed a seventh consecutive record at the close and the S&P 500, a sixth.
The S&P 500 broke through the symbolic 5,600-point mark for the first time, as hopes of a September interest rate cut were revived by statements by the chairman of the US Federal Reserve (Fed) before the House Financial Affairs Committee.
Jerome Powell said that while he was not ready to declare the fight against inflation over, he believed the U.S. economy was headed for a soft landing.
Investors are awaiting the release of June CPI inflation figures on Thursday and the start of corporate earnings season.
Markets now price in a 74% chance of a 25 basis point cut at the Fed’s September meeting, up from less than 50% a month ago, according to the CME’s FedWatch barometer.
In stocks, the semiconductor sector hit record highs after Taiwan Semiconductor Manufacturing Co reported strong second-quarter revenue growth.
Micron Technology, Nvidia, Advanced Micro Devices and Apple have all moved forward in TSMC’s wake.
Intuit backed down after expressing plans to lay off nearly 10% of its employees.
Illumina said the maker of genetic sequencing equipment was moving forward after announcing late Tuesday that it was acquiring Fluent BioSciences for an undisclosed price.
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(With contributions from Lisa Mattackal; by Camille Raynaud)
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