Rate cut hopes extend record rally

The slightly tamer than expected U.S. inflation number released on Tuesday rippled across Asian markets overnight to push, for example, the Nikkei 1.3% and the Hang Seng 2.58% higher, then extended the rally in North America on Wednesday. The S&P added 20 points to 6,466, the Nasdaq 31 points to 21,713 and the TSX 72 points to 27,993, all record closes. Meanwhile, the Dow rose 1.04% to 44,922.

Names like Lennar jumped 5.2% on hopes the Fed will cut interest rates next month, which will boost sectors like homebuilding. Meanwhile, Cava Group tanked 16.6% on an earnings miss and likewise Coreweave crashed 20.8% on a weak quarter. Bitcoin rallied 2.1% to US$122,665. Elsewhere, the U.S. 10-year yield slipped to 4,238%

Also making headlines was Gildan buying Hanes. Canada’s Gildan saw its shares leapt 11.78% while Hanes in the U.S. climbed 3.7%. Denison Mines slid 6.4%, Metro tumbled 7.03% though Boyd Group advanced 10.87%. Hudbay Minerals soared 14.81% upon receiving investment for an Arizona copper mine. In commodities, gold advanced US$8 to US$3,357 while WTI declined 0.7% to US$62.75.

🏛 Lennar Corp. (LEN-N) +5.2%

🍽 CAVA Group (CAVA-N) -16.6%

💾 CoreWeave (CRWV-Q) -20.8%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2.1%

👕 Gildan Activewear Inc. (GIL-T) +11.78%

🩲 Hanesbrands (HBI-N) +3.7%

⛏ Denison Mines Corp (DML-T) -6.4%

🍱 Metro Inc (A) (MRU-T) -7.03%

🛍 Boyd Group Services Inc. (BYD-T) +10.87%

⛏ Hudbay Minerals (HBM-T) +14.81%