US stocks recover from declines to close higher

US stocks recover from declines seen in the last hour of trading to close the broader indices higher. Atlanta Fed Pres. Bostic said that he cannot eliminate the possibility that rate cuts move even further out but then reversed course saying if disinflation pays resumes, could pull cuts forward.

That reversed the NASDAQ index from 16183 to 16306.64 at the close – a change of 123 points (or 0.76%) in the last 50 minutes of the day. The S&P moved from 5174 to 5209, or a move of 35 points (or 0.68%).

The final numbers are showing:

• Dow Industrial Average fell -9.15 points or -0.02% at 38883.66
• S&P index rose 7.54 points or 0.14% at 5209.92
• NASDAQ index rose 52.68 points or 0.32% at 16306.64.

The small-cap Russell 2000 gain 7.08 points or 0.34% at 2080.79

Although the broader indices moved higher, Nvidia was not part of that rally. Other chip manufacturers like Intel and Google touted new chips that they say would rival Nvidia chips at cheaper prices. The price of Nvidia fell $-17.79 or -2.04% at $853.54. However at Lowe’s, the price was down $-41.11 for -4.7%.

Meta Platforms also was lower declining by -0.45%. Apple rose 0.71%. Google/Alphabet rose 1.13%, in Microsoft rose 0.40%. Intel shares rose 0.92% after their announcement. Boeing remains under pressure with a decline of -2.09%.

Tomorrow US CPI data will be released at 8:30 AM. That will set the tone for the day.

This article was written by Greg Michalowski at www.forexlive.com.