Stocks end sharply higher
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The Cboe Volatility Index (VIX) fell to its lowest level of the year on Friday, as US stocks surged following a highly-anticipated speech from Federal Reserve Chairman Jerome Powell that bolstered the case for a September interest-rate cut.
Market Catalysts anchor Julie Hyman and Senior Reporter Allie Canal examine some of Friday's trending tickers, including crypto stocks, homebuilder stocks, and the banking index (^BKX). To watch more expert insights and analysis on the latest market action,
Bank of America says large-cap dominance in the stock market may soon be over.
The iShares U.S. Home Construction ETF was rallying 5.1% toward an eight-month high in recent trading, with all 46 of its equity components gaining ground. The ETF has now soared 26% amid a three-month winning streak.
Japan’s SoftBank agreed to invest $2 billion in Intel, boosting the U.S. chip maker’s stock. On Monday, Intel announced SoftBank’s purchase of roughly 87 million shares at $23 each, a slight discount to the day’s $23.66 closing price.
Chinese equities are surging. The Shanghai Composite Index — dominated by retail investors — is up about 13% this year.
Chip stocks and AI names tumbled for a second day on Wednesday, as anxiousness rises ahead of Powell's Friday speech.
Builders FirstSource and other home building stocks jump as Federal Reserve Chairman Jerome Powell signals interest-rate cuts could be coming.