S&P 500, Nasdaq hit record highs amid rate cut hopes

The S&P 500 and Nasdaq reached record highs on Wednesday as signs of a softening economy raised hopes for a Federal Reserve interest rate cut in September.

The Dow Jones fell slightly due to healthcare and consumer stock declines ahead of the Fourth of July holiday closure. 

Tesla soared 6.5% near a six-month peak, bolstered by robust vehicle deliveries, while the Philadelphia SE Semiconductor Index rose 1.92%, led by Taiwan Semiconductor Manufacturing and Broadcom. Nvidia rebounded 4.6%, contrasting Amazon’s 1.2% dip.

Additionally, Bitcoin fell about 5% to $56,837 in 24 hours, dipping below $57,000 for the first time since May 1st.

The drop followed the Federal Reserve’s June meeting minutes, which indicated hesitation to lower interest rates. The collapse of industry giants like FTX and Terra has also affected Bitcoin’s price this year.