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Technology/Tech Companies put Wall Street on the rise

Rises in Amazon and chipmaker Nvidia boosted Nasdaq and infected US stock markets on the eve of the Fed leader’s Jackson Hole speech.

US stock markets ended the session up 1%. The gains of Amazon and semiconductor maker Nvidia infected the market on the eve of the speech by the chairman of the United States Federal Reserve.

On Thursday, the Nasdaq technology index rose 1.69% to 12,641.26 points, the S&P 500 index added 1.44% to 4,200.54 and the Dow Jones industrial bourse added 1.01% to 33,298.67.

The day was also marked by confirmation that the US economy has entered into technical recession. US GDP contracted by 0.6% in the second quarter compared to the same period in 2021.

Investors are also awaiting Friday’s speech by Jerome Powell, chairman of the US Federal Reserve. «We are at a point between the end of the second quarter earnings season and the release of significant data from the Fed. Markets are churning a bit with a fairly low level of volatility, » notes Bill Northey, senior investment officer at U.S. The rise in Nvidia shares was due to the release of quarterly forecasts below expectations, which is interpreted as the end of the worst cycle of decline in sales of the brand.

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