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Big tech led a stock market rally on Tuesday as Apple (AAPL) had its best day since May 2023.
The S&P 500 (^GSPC) popped 0.9%, while the tech-heavy Nasdaq Composite (^IXIC) led gains, rising more than 1.3%. The Dow Jones Industrial Average (^DJI) rose about 0.5%. The S&P 500 is now nearing its record closing high of 4,796.56.
Big tech stocks led the market higher after a bullish AI-fueled revenue outlook from TSMC (TSM), a key supplier to Apple and Nvidia (NVDA). The Taiwanese contract chipmaker's profit fell but beat Wall Street estimates. Shares of AMD (AMD) and other chipmakers stepped higher as TSMC put on more than 9%.
Meanwhile, an upgrade from to Buy from Neutral by Bank of America sent Apple stock more than 3% higher on hopes the tech giant's new Vision Pro headset could drive increased hardware sales.
Also on Thursday, Atlanta Fed President Raphael Bostic said he doesn't see the Federal Reserve cutting interest rates until the third quarter, later than the market's current projection for March, unless there is "convincing" evidence of inflation's decline.
The odds of a rate cut in March as seen by traders have dropped more than 10 percentage points from a week ago, per the CME FedWatch Tool.
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