In a remarkable turnaround, the NASDAQ surged, breaking a four-week losing streak, fueled by a tech rally that lifted major stock indexes. The Nasdaq Composite climbed by 0.5%, while the S&P 500 and Dow Jones Industrial Average also saw gains of 0.1%. This positive momentum came after weeks of decline, with the S&P 500 and Nasdaq falling for four consecutive weeks, and the Dow experiencing a two-week losing streak. The weekly gains stood at 1.2% for the Dow, 0.5% for the S&P 500, and 0.2% for the Nasdaq.

The market saw a boost on Wednesday following the Federal Reserve’s decision to maintain interest rates and revise its economic outlook. Despite ongoing uncertainties surrounding tariffs and their economic implications, the market rallied earlier in the week. However, this rally faced a slight setback the following day, raising questions about the sustainability of the market correction.

Among the notable movers, Nike shares plummeted by 5.5% due to concerns over the impact of tariffs and the company’s restructuring plan. FedEx also faced a decline of 6.4% after disappointing quarterly results and a lowered earnings forecast. Micron, despite surpassing expectations in its quarterly report, saw its stock drop by 8%, reflecting the challenges in the current tech investment landscape.

On a brighter note, big tech stocks showed resilience, with Tesla leading the gains by surging 5.3%. Apple, Meta, and Microsoft also posted positive movements, contributing to the tech sector’s overall positive performance. However, Nvidia experienced a slight decline of 0.7% among the tech giants.

In the broader market, Treasury yields exhibited mixed movements, with long-term yields edging up while short-term yields dipped. The 10-year yield rose slightly to 4.26%, reflecting investors’ concerns about inflation and future monetary policies. Meanwhile, Bitcoin traded at around $84,000, witnessing a significant drop from its recent highs, and gold prices also experienced a decline.

Overall, the market’s rebound, led by the tech sector, marks a significant shift from the previous downward trend, offering investors a glimmer of hope amidst ongoing economic uncertainties and market volatility.