By Pranab Khan 
The stock market saw a significant rise, with major sectors posting strong gains. Quantum technology, biotech companies, and big banks were at the center of the action, leading the market higher. Here’s the latest in stock market news from Bloomberg.
Biotech Company Vericel Falls Short
In today’s stock market news, Vericel (VCEL), a biotech firm, saw its stock fall below the 50-day moving average after disappointing fourth-quarter guidance. While the company faced challenges, it is still forming a flat base, indicating potential for future growth.
Microsoft Boosts Quantum Stocks
Microsoft (MSFT) made waves in the stock market with the launch of its new “Quantum Ready” program through Azure, its cloud computing business. The news sent stocks in the quantum technology space surging, with IonQ (IONQ) and D-Wave Quantum (QBTS) rising about 25%. D-Wave also announced a new partnership aimed at helping governments adopt its quantum technology.
Strong Earnings from Major Banks
Bank stocks saw a boost following strong earnings reports. Wells Fargo (WFC), Citigroup (C), and BlackRock (BLK) all posted positive results. Wells Fargo also regained its 50-day moving average, a sign of confidence for investors. JPMorgan Chase (JPM) beat earnings expectations, with $42.77 billion in revenue and $4.81 earnings per share, while Goldman Sachs (GS) also exceeded expectations, reporting $11.95 earnings per share.
Tech Stocks Show Rebound
In today’s stock market news, Nvidia (NVDA) bounced back nearly 2%, recovering from a recent slump. Taiwan Semiconductor (TSM) is also in the spotlight, staying near a key buy point ahead of its earnings report. Analysts expect TSM to see a 33% increase in sales and a 51% increase in earnings.
Inflation Report Brings Optimism
The latest inflation data has given investors hope. Headline inflation rose by 0.4%, but core inflation (excluding food and energy) increased only by 0.2%. This cooling of inflation has led to increased expectations that the Federal Reserve may cut interest rates in June, boosting market optimism.
In stock market news today, the small-cap Russell 2000 index outperformed, gaining 2.3%, while the Nasdaq composite rose 2.2%, breaking through its 50-day moving average. The S&P 500 and Dow Jones Industrial Average also saw significant gains, climbing 1.8%. The Dow jumped over 700 points, driven by the positive inflation report.
