Azzad MarketWeek
Stocks pushed through another volatile summer week as diverging Q2 corporate reports and the Fed’s rate decision whipsawed prices.
The Standard & Poor’s 500 Index rose 1.05 percent, while the Nasdaq Composite Index advanced 1.59 percent. The Dow Jones Industrial Average added 1.04 percent.
Tech Stocks Steal Spotlight
Chip stocks were under pressure at the start of the week as investors fretted over fresh competition from China and higher-than-expected AI capital expenditures. But the Dow pushed higher as oil prices slid and investors rotated out of technology.
On Wednesday, the Federal Reserve said it was holding interest rates steady, a move that was initially well received by markets. But as the day progressed, selling picked up as investors expressed concern that the Fed was not doing enough to battle inflation.
Markets rebounded on Thursday with semiconductors and big-tech names leading the way. The Nasdaq rose nearly 3 percent, ending its 6-day losing streak.
Momentum from Thursday’s rally extended into Friday. Markets rose at open despite diverging Q2 earnings results from two influential tech companies. While it wasn’t a straight line, all three major averages built on gains throughout the day to end the week higher.
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