BUZZ-Tech stocks lead broad rally as investors cheer Fed's jumbo rate cut

Reuters09-19

** Shares of heavyweight tech stocks jump in premarket trade, a day after the Federal Reserve delivered a larger than usual 50 bps rate cut

** Futures tied to the tech-heavy Nasdaq 100 gain ~2%, while S&P futures rise 1.5% to a record high

** Apple , Meta Platform , Microsoft

, Nvidia , Amazon.com and Alphabet

rise between 1.7% and 2%

** AMD and Broadcom gain 3.9% each, while Qualcomm and Intel rise 2.9% and 2.7% respectively

** The U.S. two- and 10-year yield curve steepened to highest since June, suggesting more easing is on the way

** Investors globally cheered the first rate cut since 2020 that indicates a pivot towards U.S. monetary policy easing and a recognition of the Fed's growing comfort with inflation continuing to ease to its target of 2%

(Reporting by Medha Singh)

((medha.singh@thomsonreuters.com))

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