Nasdaq Rises 0.2% as Tech Stocks Rebound
Investors bought the early-session dip in the Tech space on Wednesday, helping the sector join Energy as the only two areas of the market to register gains. Consequently, Nasdaq Composite finished the day up 0.2% and S&P 500 was well off the intra-day lows to end the session down just 0.3%, rising above 7,480 into the close after dipping as low as 7,420 earlier. Semiconductors, memory, and servers were especially strong within the broader AI bounce-back theme, while Software stocks softened after Tuesday's rally. Large-cap Growth performance also exceeded that of SMID and Value.Markets remain on edge however, with volatility in the Tech arena compounded by the ongoing geopolitical concerns. Headlines questioning whether the overall state of U.S.-Iran ceasefire can be preserved after the two sides exchanged attacks over the past 48 hours have propped up Energy prices. In the evening session, WTI Crude Oil is now above $74 per barrel. S&P e-minis and Nasdaq 100 index futures are down by about a decimal. Precious metals also remain under pressure, with higher oil price narrative and its inflationary implications supporting the US Dollar vis-a-vis an up-creep in yields and assumptions of tighter-for-longer Fed policy. This was further reinforced in today's FOMC minutes from last month's meeting tilting decidedly more hawkish.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -AZZ Inc.up 8.3%ALSO HIGHER -Ampco-Pittsburghup 13.7% after announcing increase in customer order activityLarimar Therapeuticsup 3.3% after insider buyAeroVironmentup 1.2% after providing medium-term targetsDOWN AFTER EARNINGS -Levi Straussdown 6.0%PriceSmartdown 2.7%ALSO LOWER -MDA Space Ltd.down 6.9% after equity offeringCostco Wholesaledown 1.2% after June comps data
