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The Philadelphia SE Semiconductor index was last up 2.3% and testing a new record high.
U.S. producer prices in April posted their biggest gain since early 2022.
KEY POINTS
- Traders now see a 34.3% chance of a Fed rate hike by December, up from 15%.
- Kevin Warsh, Senate-confirmed, may become Fed chair as soon as Wednesday, replacing Jerome Powell.
- Morgan Stanley raised its S&P 500 target to 8,000, citing continued strong corporate earnings.
- Nebius Group shares surged 15.9% after reporting nearly eightfold quarterly revenue growth.
COMPANIES
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