The S&P 500 trimmed losses on Wednesday, closing up 0.5%, driven by a surge in Nvidia, which led a rally in tech stocks. Nvidia jumped over 8% on news that the U.S. may lift a ban allowing exports of advanced chips to Saudi Arabia. This lifted other chip stocks and the broader tech sector. Meanwhile, data showed a slight increase in core inflation in August, reducing expectations for a larger, 50-basis point Federal Reserve rate cut next week. Odds for a 50bps cut fell to 16%, while a 25bps cut probability rose to 84%.
In politics, a debate between Donald Trump and Kamala Harris was marked by clashes over tariffs and inflation but offered few substantial economic policy details. Harris' chances of winning the election improved slightly following the debate. Meanwhile, Bank of America fell 0.7% following more stock sales by Warren Buffett’s Berkshire Hathaway, and GameStop dropped 12% after reporting a 31% revenue decline.
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