Trading Day: AI cheer banishes rate hike fear
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- ✓US stocks leaped and Europe notched a record-high close on Wednesday, spurred by an encouraging outlook on the AI trade from CoreWeave.
- ✓A 20% surge in the company's shares and a rebound in Nvidia stock helped investors ignore fears that the Fed might deliver a large interest rate hike soon.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Reuters
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
ORLANDO, Florida, Nov 11 (Reuters) - US stocks leaped and Europe notched a record-high close on Wednesday, spurred by an encouraging outlook on the AI trade from neocloud firm CoreWeave.
A 20% surge in the company's battered shares, and a rebound in Nvidia (NVDA.O), opens new tab stock, more than offset investors' concerns that the Fed might deliver a jumbo-sized interest rate hike next month.
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In my column today I look at the confusing communication coming out of the Fed, after Governor Chris Waller on Tuesday put a 50-basis-point rate hike on the table for next month. Inflation may be sticky, but we have known that for a long time. To go from a 25 bps hike in September to a pause in October, then a 50 bps hike in December, doesn't make sense.
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