Live Nasdaq Composite: Tech Stock Strength Buoys Market Sentiment Despite Hawkish Fed

The post Live Nasdaq Composite: Tech Stock Strength Buoys Market Sentiment Despite Hawkish Fed appeared first on 24/7 Wall St..

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The Federal Reserve held rates steady at 3.25% at its June meeting, marking Kevin Warsh’s first decision as Fed Chair, but the updated dot plot signaled a notably more hawkish path forward than markets had been pricing in. Policymakers now project a slower pace of rate cuts, with median estimates showing rates holding above 3% all the way through 2029, a timeline that pushes back against hopes for a quicker return to easier monetary policy. The shift raises real questions for markets going forward, particularly around how long high-multiple growth stocks can keep outrunning a rate backdrop that just got less accommodative, and whether market leadership broadens out or stays concentrated in the handful of AI names that have carried this rally so far.

This article will be updated throughout the day, so check back often for more daily updates. 

The Nasdaq Composite is leading the market’s bounce back today, climbing 1.6% as investors look to claw back ground lost in Wednesday’s selloff, which was triggered by Fed Chair Kevin Warsh’s first meeting at the helm and the central bank’s signal that a rate hike remains on the table this year. The S&P 500 is up 1.2% and the Dow is adding 438 points, or 0.9%, but it’s tech, and chip stocks in particular, driving the bulk of today’s recovery.

Intel (NASDAQ:INTC) is the standout, surging 9% after President Trump announced the company will partner with Apple (NASDAQ:AAPL) on U.S.-based chip design. The news is lifting the broader semiconductor space, with Nvidia (NASDAQ:NVDA) up more than 1% and Micron Technology (NASDAQ:MU) climbing over 5%, while the iShares Semiconductor ETF is jumping more than 4%. The rebound suggests investors are choosing to look past Wednesday’s hawkish Fed signal for now, at least when there’s a fresh tech catalyst to chase.

Here’s a look at where things stand as of pre-morning trading:

Dow Jones Industrial Average: 51,758 Up 0.52%
Nasdaq Composite: 26,227 Up 0.79%
S&P 500: 7,474 Up 0.73%

Market Movers

President Trump touted a string of chip manufacturing wins on Truth Social, confirming that “Apple has agreed to work with Intel to design and build its Chips in America.” The post also detailed America’s 10% government stake in Intel, valued at roughly $100 billion at the time of the original deal and now worth over $600 billion, a gain Trump framed as proof the federal government’s involvement has paid off.

Take-Two Interactive (NASDAQ:TTWO) subsidiary Rockstar Games announced that pre-orders for Grand Theft Auto VI will officially open June 25 across digital storefronts and select retailers, a milestone that brings one of the most anticipated game launches in history one step closer to release.

The post Live Nasdaq Composite: Tech Stock Strength Buoys Market Sentiment Despite Hawkish Fed appeared first on 24/7 Wall St..