Stocks Well Off Lows as Nvidia Leads Tech Rally: Markets Wrap

(Bloomberg) — A rally in some of the world’s largest technology companies pushed stocks away from session lows in a volatile session that had traders digesting faster-than-anticipated inflation data.

The S&P 500 trimmed most of a slide that topped 1.5% earlier Wednesday. Nvidia Corp. climbed 4% to lead gains in chipmakers. Financial, energy and industrial shares remained under pressure. Treasury yields edged up on bets the Federal Reserve will move gradually with rate cuts. Swap traders priced in a 25-basis-point Fed cut at next week’s gathering and see only a small chance for a half-point reduction.