S&P 500, Nasdaq 100 Climb To Record Highs As Data Fosters Rate Cut Optimism Ahead Of Fed Minutes; Gold, B

　　The S&P 500 and Nasdaq 100 indices surged to new all-time highs on Thursday, as investors heightened their expectations for rate cuts following Junes sharply lower-than-expected services sector activity, which experienced its worst contraction since May 2020.

　　Market-implied odds of a Fed rate cut in September rose from 65% to 72%, according to CME Groups FedWatch tool, with traders pricing in more than 50 basis points of rate cuts by year end, implying two fully priced rate reductions by the Fed.

　　Risk sentiment was particularly strong ahead of the Federal Open Market Committee (FOMC) Minutes, slated to be released at 2:00 p.m. ET.

　　Nvidia Corp.NVDA and the chip making industry, as tracked by the iShares Semiconductor ETF SOXX, rebounded, up 3.7% and 1.9%, respectively.

　　Strong gains also stemmed from gold miners, with the VanEck Gold Miners ETF GDX up 4.2%, eyeing one of the best-performing sessions year to date, driven by rising metal prices.

　　Expectations of lower interest rates fueled gold prices up by 1.4%, silver up by 3.5%, and copper up by 2.6%.

　　Treasury yields weakened sharply, with both the 10-year and 30-year yields down 7 basis points. The iShares 20+ Year Treasury Bond ETFTLT rose 1.1%, rallying the most since June 13.

　　However, the crypto market faltered, with BitcoinBTC/USD down 2.7% to $60,450.

　　Wednesdays Performance In Major US Indices, ETFs

　　Updated at 12:28 p.m. ET

　　According to Benzinga Pro data:

• The SPDR S&P 500 ETF TrustSPY was 0.3% higher to $550.85.
• The SPDR Dow Jones Industrial Average DIA was 0.2% lower to $392.45.
• The tech-heavy Invesco QQQ Trust(ARCA: QQQ) was 0.8% higher to $490.70.
• Sector-wise, the Technology DiscretionarySelect Sector SPDR FundXLK outperformed, up by 1.3%, while the Health Care Select Sector SPDR FundXLV lagged, falling 1%.

　　Wednesdays Stock Movers

• Weight-loss giant Eli Lilly and CompanyLLY and Novo Nordisk A/SNVO tumbled 1.9% and 4% respectively, after a study conducted by the Massachusetts Eye and Ear showed that Ozempic and Wegovy are linked to higher risk of blinding eye conditions. Amgen Inc. AMGN and Viking Therapeutics Inc. VKTX also fell 1.9% and 2.2%, respectively.
• Tesla Inc.TSLA shares continued their upward momentum from Tuesday, rallying 5.5% after the electric-vehicle makers quarterly deliveries came in better than expected.
• Other EV-related stocks also rallied, with Lucid Group Inc. LCID up 8%, Archer Aviation Inc. ACHR up 15%.
• Paramount GlobalPARA surged over 7% following rumors from the Wall Street Journal that Skydance is once again interested in the deal to buy Paramounts controlling company, National Amusements.
• Constellation Brands Inc.STZ fell 4.4%, marking the worst session since October 2023, amid lower-than-expected revenue last quarter.