Wall Street traded slightly higher on Wednesday, rebounding after the sharp sell-off a day earlier that saw chipmakers tumble, with NVIDIA Corp. (NASDAQ:NVDA) shedding around $280 billion in market value — the largest single-day drop in history.
Investors processed fresh insights from July labor market statistics, which confirmed cooling conditions as job openings fell to their lowest level in three years, almost closing the gap with unemployment levels.
Expectations for a Federal Reserve interest rate cut improved, with market participants now assigning a 43% implied probability of a 50-basis-point cut in September, up from 38% the previous day.
Attention now shifts to key August labor data, with the ADP private payrolls report due Thursday, followed by the official jobs report on Friday.
Major equity indices were up marginally, while bonds outperformed, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rising ...
