Tech Gains Push S&P 500 Higher as Inflation Peaks
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- U.S. consumer prices rose the most in nearly four years in March, driven by war‑boosted oil prices and tariff pass‑through.
- Traders are betting the Federal Reserve will keep rates steady this year, pulling back from expectations of two cuts before the conflict.
- S&P 500 climbed 0.15% to 6,835.22, while the Nasdaq Composite rose 0.54% to 22,946.11, led by technology gains.
- Technology stocks lifted the S&P 500 information technology index 0.8%; Nvidia gained 1.8%, Broadcom 4.4%, and the Philadelphia SE Semiconductor index hit a record high of 8,926.08.
- Financial stocks fell 0.8%, with Goldman Sachs and Travelers dragging down the Dow Jones.
- CoreWeave surged 6.8% after a multi‑year agreement with Anthropic and pricing its convertible bond at a premium.
- Taiwan Semiconductor Manufacturing shares rose 2.7% after beating first‑quarter revenue forecasts.
Why it matters: Tech firms like Nvidia and Broadcom drove the S&P 500’s modest gain, rewarding chipmakers with a record semiconductor index, while financials lagged, pulling the Dow down; the rally reflects market confidence that the Fed will hold rates steady despite sticky inflation.
