Nasdaq 100 Rallies To Record Highs, Magnificent 7 Market Cap Tops $17 Trillion, Bitcoin Soars To $100,000: What’s Driving Markets Wednesday?
An inline November inflation report unleashed a surge of bullish momentum across markets on Wednesday.
Traders priced in near-certainty of a 25-basis-point rate cut at next week’s Federal Reserve meeting, fueling optimism for a more accommodating monetary policy.
The Consumer Price Index rose by 2.7% year-over-year in November, matching expectations. Core inflation — excluding volatile items such as energy and food — remained steady at 3.3%.
Tech stocks took center stage as the Nasdaq 100 rallied 1.7%, notching a fresh record high and logging its best session in over a month. The so-called “Magnificent Seven” mega-cap stocks were the driving force behind the gains.
The Roundhill Magnificent Seven ETF (NASDAQ:MAGS) jumped 2.6%, its best performance since Nov. 6, eyeing its eighth positive session in the last nine trading days.
Six of the seven mega-cap tech giants hit record highs, with the group’s combined market cap reaching a staggering …
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