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Stocks Show Modest Gains Ahead Of Fed's Inflation Report; Chipmakers Struggle, While Gold And Bitcoin Rebound: What's Driving Markets Thursday?

Wall Street experienced a subdued trading day on Thursday, as traders likely chose to remain on the sidelines in anticipation of Friday’s release of the Federal Reserve’s preferred inflation gauge. In regulatory news, U.S. banks successfully passed the Federal Reserve’s 2024 stress tests. The results demonstrated that all analyzed institutions could maintain minimum capital requirements even in the face of a severe economic shock. Notably, regional banks, as tracked by the SPDR S&P Regional Banking ETF (NYSE:KRE), performed relatively better overall compared to their larger counterparts. As of midday trading in New York, major indices showed marginal gains, with small caps outperforming large-cap indices. The semiconductor sector continued to face headwinds, with the iShares Semiconductor ETF (NASDAQ:SOXX) down 0.7%, eyeing its fifth negative session in the last six. Nvidia Corp. (NASDAQ:NVDA) declined almost 2%. Treasury yields moved lower, reflecting increased demand for bonds ahead of the key inflation report. The yield on the 10-year Treasury bond fell by 4 ...