Tech Stocks Rally on Upbeat Earnings and Economic Outlook, Lifting Markets
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Big tech stocks rallied, led by Apple and chipmakers, pushing the Nasdaq and S&P 500 near record highs. Apple jumped over 3% on an upgrade citing new products like its Vision Pro headset.
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Taiwan Semiconductor beat profit estimates and projected 20% revenue growth in 2024, citing AI demand. Shares of chipmakers like AMD rose on the news.
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Goldman Sachs predicts small caps can rise 15% in 2024 as economic growth rebounds and the Fed starts cutting rates, lowering risk premiums.
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Mortgage rates dropped to their lowest level since May 2023, which should aid homebuyers and home construction. However inventory remains low.
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Jobless claims hit their lowest level since September 2022, suggesting the labor market remains resilient despite economic uncertainty.