This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEC0K0YG_M.jpg
At 9:45 ET (13:45 GMT), the Dow Jones Industrial Average was up 46 points or 0.1%, while the S&P 500 was up 0.1% and the NASDAQ Composite dipped 0.1%.
Signs that inflation is cooling are fueling the hopes. The Fed kept interest rates steady at its meeting this week, though left itself room for more rate increases later this year depending on what the data in the coming months show.
The S&P and Nasdaq are near highs they haven’t reached in more than a year, as tech stocks rally at the prospect of rate hikes ending.
The Fed did say the benchmark rate could reach 5.6% this year, which is higher than an earlier forecast for 5.1%. Futures traders see a 75% probability that the Fed will move rates higher in July by another quarter of a percentage point.
Microsoft Corporation (NASDAQ:MSFT) and other big tech names are leading the sector higher. Microsoft closed at a record high on Thursday, with a market value of over $2.5 trillion. Chip maker NVIDIA Corporation (NASDAQ:NVDA), which also recently entered the trillion-dollar club, is also rising 1.1% on Friday to a new 52-week high.
Adobe Systems Incorporated (NASDAQ:ADBE) was up 3.6% after the Photoshop maker beat expectations on its outlook as it beats the drum on artificial intelligence.
Later this morning, the University of Michigan will release its consumer sentiment reading for June, expected to be a reading of 60, up slightly from the prior reading.
Oil was muted. WTI ticked down 0.1% to $70.58 a barrel, while Brent crude slid 0.1% to $75.55 a barrel. Gold was up 0.2% to $1,974.
