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The SPX index was up by 0.75%, all 11 S&P sectors finished higher, led by communication services, consumer discretionary, and energy. Megacap tech stocks like Nvidia, Broadcom, and Meta Platforms drove the rally. Despite higher-than-expected U.S. producer prices in August, markets are anticipating a potential Federal Reserve interest rate cut next week, with traders assigning a 59% chance of a 25 basis point cut and a 41% chance of a 50 basis point cut. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.02%, with Bitcoin and Ether rising by 1.27% and 0.10%, respectively in the past 24 hours.
Today's top performer is XRP, which surged 3.3% following Grayscale's launch of the XRP Trust, offering accredited investors exposure to the token.