Trading Day: Waller cools Fed hike hoopla
On Thursday, the New York trading day saw the Japanese yen clock its strongest close since the U.S.-Iran war began. Fed Governor Christopher Waller's remarks that he favors holding interest rates steady later this month led to a significant stock market rally and a decline in bond yields. The dollar/yen tumbled 2%, reaching as low as 155.30, while the dollar index dropped 0.8%.
Nvidia announced a $13 billion purchase of developer platform Hugging Face, a move aimed at driving future demand in open AI models. The U.S. labor market remained stable, with services input price rises indicating elevated inflation. The S&P 500's three major indices all gained 1% or more.
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