Microchip Tech Surges, Market Shifts Amid Jobs Report

Microchip Technology stock surges over twelve percent, closing at sixty-three dollars and sixty-one cents, following a volatile market day. The broader market experienced a roller coaster ride, with major indices initially gaining but later reversing due to a stronger-than-expected jobs report. This report lowered the likelihood of an interest rate cut, causing investors to prioritize interest rates over potential growth stocks. Tech giants like Nvidia initially soared but eventually turned negative, while defensive companies like Walmart saw gains.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.