FX.co ★ Dow Reaches Record Intraday High Amid Rebound On Wall Street

**Stocks Rebound Significantly, Dow Hits New Intraday High**

Stocks surged dramatically on Friday, recovering much of the ground lost in the previous session. This robust movement propelled the Dow to a new intraday high.

As the trading session progresses, the major indices are slightly below their peak levels. The Dow has increased by 399.72 points or 1.0% to 40,153.47, the Nasdaq has risen by 210.95 points or 1.2% to 18,494.35, and the S&P 500 has climbed 56.58 points or 1.0% to 5,641.12.

The rally on Wall Street comes as traders take advantage of lower stock prices following Thursday’s steep decline, which was partly due to a rotation out of leading tech stocks like Nvidia (NVDA). Currently, Nvidia shares are up by 2.6%, rebounding from a 5.6% plunge in the prior session.

Traders remain optimistic about interest rates, despite a Labor Department report showing U.S. producer prices increased slightly more than expected in June. According to the Labor Department, its producer price index for final demand rose by 0.2% in June, following a revised flat reading in May. Economists had anticipated a 0.1% increase, compared to the initially reported 0.2% dip for the previous month. The annual producer price growth rate accelerated to 2.6% in June from 2.4% (upwardly revised) in May, surpassing expectations which predicted a rise to 2.3%.

Despite the broader market’s positive movement, shares of Wells Fargo (WFC) dropped sharply after the company reported weaker-than-expected net interest income for the second quarter. Similarly, financial behemoths JPMorgan Chase (JPM) and Citigroup (C) saw declines after releasing their second quarter results.

**Sector Highlights**

Semiconductor stocks have rebounded strongly, with the Philadelphia Semiconductor Index surging by 2.5%, recovering from a 3.5% drop on Thursday. Housing stocks are also showing considerable strength, as indicated by the 2.1% increase in the Philadelphia Housing Sector Index. Networking stocks remain robust, pushing the NYSE Arca Networking Index up by 2.0%. Steel, utilities, and computer hardware stocks also witnessed notable upward movements, contributing to gains across most major sectors.

**Global Markets**

In overseas trading, Asia-Pacific stock markets showed mixed results on Friday. Japan’s Nikkei 225 Index plummeted by 2.5%, while Hong Kong’s Hang Seng Index soared by 2.6%.

In Europe, the major markets all experienced gains. France’s CAC 40 Index surged by 1.3%, Germany’s DAX Index increased by 1.1%, and the U.K.’s FTSE 100 Index rose by 0.4%.

**Bond Market**

In the bond market, treasuries have shown little clear direction after a sharp increase in the previous session. Consequently, the yield on the benchmark ten-year note is up by less than a basis point, standing at 4.198%.

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