Clearer picture: A man walks past the New York Stock Exchange. Investors are expecting more clarity on the markets this week when the latest update on inflation and the economy is divulged. — Reuters
NEW YORK: Wall Street tech bulls are counting on the industry’s megacap stocks to move higher before long and jump start a rebound in the S&P 500.The hope is that the US Federal Reserve (Fed) is close to wrapping up its inflation-fighting campaign and that tech, the group that’s suffered the most from interest rate hikes, will recover.
The prospect, while still not imminent, came a step closer to reality last Friday when the latest employment report showed a deceleration in wage growth, which the Fed is looking for as a sign of progress in its inflation battle.
