Stock Track | Recursion Pharmaceuticals Soars 7.75% After Rallying on Fed Rate-Cut Hopes

Stock Track01-15

Recursion Pharmaceuticals, Inc. (RXRX) stock soared 7.75% during Wednesday's intraday trading session, riding on a broader rally in technology and AI-related stocks. The surge came after cooler-than-expected US inflation data bolstered expectations that the Federal Reserve would continue cutting interest rates this year.

The biotech company's shares got a boost as investors piled into stocks linked to Nvidia, the leading provider of chips used in artificial intelligence applications. Recursion's AI-enabled drug discovery platform has generated optimism around its potential to accelerate the development of new therapies.

With the easing inflationary pressures, traders are now betting that the Fed will resume interest rate cuts sooner than previously anticipated. The prospect of lower borrowing costs has fueled a rally in growth and technology stocks, which are seen as benefiting from easier monetary policy.

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