The Communication Services Select Sector SPDR Fund

U.S. stock markets surged during Thursday’s midday trading session in New York, with major averages all showing gains. Trader sentiment rebounded thanks to positive signals from corporate earnings and relief after Fed Chair Jerome Powell dismissed the possibility of a rate hike during Wednesday’s press conference. The S&P 500 inched 0.3% up at 12:30 p.m. ET, while the tech-heavy Nasdaq 100 slightly outperformed, up 0.6%. Semiconductors stood out as a bright spot, buoyed by robust quarterly results and optimistic guidance from Qualcomm Inc. (NASDAQ:QCOM). The iShares Semiconductor ETF (NYSE:SOXX) rose 1.2%, after plummeting 3.4% Wednesday. Small caps fared better than large caps, with the iShares Russell 2000 ETF (NYSE:IWM) up 1%. Treasury yields moved slightly lower after Wednesday’s Federal Open Market Committee (FOMC) meeting indicating reduced fears on potential upward moves in interest rates. The policy-sensitive 2-year yield fell to 4.9%, ...Full story available on Benzinga.com

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Traders are treading cautiously in Wednesday’s session, seeking more clarity on the Federal Reserve’s stance with inflation reports exceeding expectations. The forthcoming Federal Open Market Committee statement is anticipated to maintain interest rates where they are and possibly unveil a reduction in the Fed’s balance sheet runoff from $60 billion to $30 billion monthly. Fed Chair Jerome Powell‘s press conference is at 2:30 p.m. ET. The S&P 500 inched 0.2% lower, while the tech-heavy Nasdaq 100 underperformed, down 0.6%. Blue chips managed to avoid losses and showcased a 0.3% rise. Aside from Fed policy, earnings remain a key driver of market sentiment, particularly as chipmaker Advanced Micro Devices Inc. (NASDAQ:AMD) offered less optimistic second-quarter guidance than expected. This news led to a nearly 10% drop in its share price. In sympathy, the broader industry saw a decline, with heavyweight Nvidia Corp. (NASDAQ:NVDA) also experiencing a more than 5% decrease in its shares. Data-wise, the ADP National Employment Report revealed a stronger-than-expected private jobs addition in April, ahead ...Full story available on Benzinga.com

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