Pre-Market Report – Thursday 8 May: US markets rally | Fed keeps rates unchanged

Wall Street ended in the green following a choppy session as the Fed announced rates would remain steady, as expected. Chip stocks boosted the market with a late rally after a report suggested regulations may be eased. S&P 500 up 0.43%, NASDAQ up 0.27%. Dow rose at the open, dropped after the Fed announcement, and then recovered close to earlier highs. Ended 285 points up. Most sectors up. Tech worst performer. Dragged down by Alphabet (-7.3%) after Apple (-1.1%) said it may integrate AI for Safari in the future which would hurt Google searches. Cyclicals best performing. Boosted by Amazon (+2.0%) as it unveiled Vulcan, robotic device with a sense of touch. Healthcare second best performer, recovering some of the previous session’s losses. Chip stocks boosted by easing regulation hopes. Nvidia (+3.1%), ASML (+3.0%), Qualcomm (+3.1%). Disney (+10.9%) jumped on strong earnings growth from Disney+ and theme parks. Ford (-1.5%) down as it announced price increases on Mexico built cars and suspended earnings guidance. Resources down. Stronger USD hurt. Lead and iron ore the exceptions. Iron ore boosted by US-China talks and hopes of Chinese stimulus.ASX to rise. SPI futures up 8 points (+0.1%).Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you. If you’re looking for personal financial advice, our friends at Clime Investment Management can help. Their team of licensed advisers operates across most states, offering tailored financial planning services.  Why not sign up for a free trial? Gain access to expert insights, research, and analysis to become a better investor.