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US Stocks Open: The Dow rose more than 120 points, tech stocks surged 14%

The US stock markets opened on a high note on Tuesday, with major stock indices partially recovering from the losses recorded on the previous trading day. Investors are closely watching the interest rate outlook and the Federal Reserve’s monetary policy.

The Dow Jones Industrial Average rose by 127.37 points, an increase of 0.33%, to 38400.12 points, while the Nasdaq rose by 124.10 points, an increase of 0.79%, to 15779.70. The S&P 500 index also saw a significant increase, rising by 29.60 points, or 0.60%, to 4982.77 points. Tech stocks showed a strong performance, with companies like Google’s parent company Alphabet, and semiconductor companies like ARM and Microchip, all posting significant gains.

However, US stocks closed lower on Tuesday, with the Dow dropping 524 points, or 1.35%, marking the biggest single-day decline since March 22, 2023. This downturn was attributed to increased inflationary pressures as revealed by the CPI data released by the US government on the same day.

The release of the CPI data showed that inflationary pressures have risen, leading to heightened concerns about changes in the Fed’s monetary policy. This has led to a shift in market expectations for the timing and magnitude of interest rate hikes. Investors are beginning to revise down their expectations for the 2024 rate hikes and are now anticipating a potential increase of 90 basis points by the end of the year.

Market analysts have expressed mixed opinions on the current market situation. While some believe that the correction is necessary for market valuation to align with fundamental factors, others are concerned that the current market conditions may lead to a prolonged period of low returns.

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Meanwhile, prominent investor Jeffrey Gundlach has likened the current stock market levels to those seen in the previous bull market cycle. He noted that while the bull market has reached its peak, it may be entering a period of correction.

Overall, the stock market’s narrow trend has raised concerns about increased downside risks. With the majority of stock prices trading above their 50-day moving averages, there is a growing fear of a widespread downturn should sentiment turn bearish.

Amid these developments, policymakers and market participants are closely monitoring the situation to ensure stability and mitigate potential risks to the financial system.

Disclaimer: The content in this article does not constitute investment advice and is intended for informational purposes only. Please exercise caution when investing in the stock market, as it carries inherent risks.

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