Wall Street climbs after Fed’s Waller says he could support rate hold
Wall Street rose after Fed's Waller suggested a rate hold if inflation cools. Traders reduced rate hike bets, but inflation concerns persist. Broadcom fell 4.9% on weak revenue forecast, while Snowflake surged 20.14% on strong outlook. Crypto-linked stocks gained as bitcoin rebounded. U.S. services sector activity picked up in August, and job data is awaited.
How this was made
The 30-second read
Why it matters
The market reaction is driven by shifting rate-hike odds plus same-day company forecast headlines (AVGO revenue forecast miss, SNOW strong annual revenue forecast) and a crypto rebound tied to bitcoin.
Market read
Traders get a same-day macro impulse (rate-hike odds) and concrete single-name catalysts (AVGO and SNOW forecasts) that can drive positioning into jobs data.
What to watch
The piece highlights Friday jobs data and initial claims; if those surprise, the rate-hike probability could reprice quickly and unwind today’s bid.
Background
Fed Governor Christopher Waller signaled he could support holding rates steady if inflation pressures are cooling, while warning oil-driven persistence could keep inflation concerns alive.
Ticker impact
Broadcom dropped 4.9% to a five-month low after its fourth-quarter revenue forecast missed Wall Street expectations.
Bearish bias for the next session, with follow-through risk if guidance concerns spread.
The article attributes the move to a specific revenue forecast shortfall, which typically drives revisions and sector read-through.
Snowflake surged 20.14% to its highest level since December 2021 after forecasting strong annual revenue.
Bullish near-term continuation risk, especially if peers’ guidance expectations are reset.
A large same-day jump is directly tied to a fresh annual revenue forecast, implying new information rather than recap.
ServiceNow rose 5.24% in the same session after Snowflake’s strong software outlook lifted broader software sentiment.
Moderately bullish intraday-to-multi-day bias driven by software sentiment rather than company-specific news.
The text links the move to sector sentiment; without a NOW-specific disclosure, conviction is limited.
Salesforce gained about 2.87% as software stocks rallied following Snowflake’s strong annual revenue forecast.
Neutral-to-slightly bullish near-term, contingent on continued software momentum.
The article frames the move as part of a sector reaction, not a CRM-specific disclosure.
Adobe gained about 2.33% alongside other software names after Snowflake forecast strong annual revenue.
Slight bullish bias if the software rally persists; otherwise mean reversion risk.
The article provides price action but no ADBE fundamental update.
Coinbase Global climbed 9.76% after bitcoin rebounded following two straight sessions of losses.
Bullish near-term continuation if BTC holds gains; volatility remains high.
The catalyst is explicitly tied to BTC’s rebound and the stock’s same-day move.
Robinhood Markets jumped 14.76% as crypto-linked stocks rose after bitcoin rebounded.
Bullish but likely volatile; follow-through depends on sustained BTC strength.
The article directly links HOOD’s large move to the crypto rebound narrative.
Market effects
Software and AI-adjacent names show divergent tape behavior: SNOW rallies on guidance while AVGO sells off on forecast miss, shaping expectations for the AI buildout.
US-focused risk sentiment improves as traders reduce odds of a near-term hike after Waller’s remarks.
Oil and services data feed into global rate and inflation expectations, indirectly affecting cross-asset risk appetite.
Counterpoint
The rally may be fragile because the article notes oil-price persistence could still force higher borrowing costs even if domestic inflation cools.
Key entities
- policy_makerFederal Reserve Governor Christopher Waller
Indicated he could support holding rates steady if price pressures cool, but warned oil could keep inflation concerns alive.
- companyBroadcom
Shares fell after its fourth-quarter revenue forecast missed expectations.
- companySnowflake
Shares surged after forecasting strong annual revenue.
- crypto_assetBitcoin
Rebounded after two straight sessions of losses, lifting crypto-linked equities.
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