Wall Street Rallies as Fed's Waller Hints at September Rate Hold

Benzinga··US·Read original
3▲1 ▼2Impact / 5
Summary · why it matters

U.S. stocks rallied broadly Thursday after Federal Reserve Governor Christopher Waller signaled he could support leaving interest rates on hold this month, easing fears of a September hike. Traders now price in roughly a 50% probability of a hike, down from about 70% earlier in the week. The S&P 500 rose 0.96% to 7,740.14, the Dow Jones Industrial Average gained 1.1% to 53,658.71, and the Nasdaq 100 climbed 1.0% to 29,439.78. Software stocks led the rally, with Snowflake soaring 21.9% after strong earnings, while crypto-linked equities surged as bitcoin jumped 4.6% to about $80,900. However, packaged food stocks were routed, with Campbell's tumbling 9.7% on weak guidance and a dividend cut, and Tyson Foods falling 6.9% after lowering its outlook.

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Campbell’s Co
CPB
▼ NegativeCapitalrelevance

Campbell's tumbled 9.7% on weak guidance and a dividend cut.

Tyson Foods Inc
TSN
▼ NegativeCapitalrelevance

Tyson Foods fell 6.9% after lowering its outlook.

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