Cerence Inc. (CRNC) stock soared 10.28% during the intraday session on Wednesday, driven by optimism surrounding a potential Fed rate cut in the near future.
The rally was fueled by data showing US consumer inflation rose less than expected in December, reinvigorating bets that the Federal Reserve will cut interest rates sooner than previously anticipated. Swap traders are now fully pricing in a rate cut by July, a significant shift from expectations of further hikes following strong jobs data.
Cerence, along with other stocks linked to Nvidia, surged in morning trading as easing inflation increases the likelihood of a dovish monetary policy stance from the Fed. The technology sector, sensitive to interest rate changes, benefited from the renewed rate-cut expectations.
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