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Stock Market Today: Tech Leads More Gains in Early Trading on Wall Street
NEW YORK (AP) Stocks rose in morning trading on Wall Street on Friday, driven by more gains in tech stocks as another chipmaker reported strong demand related to artificial intelligence.
The S&P 500 rose 0.7%. The Dow Jones Industrial Average rose 240 points, or 0.7%, to 33,003 at 10:08 a.m. EST, and the Nasdaq rose 1%.
Tech stocks did most of the work for the benchmark S&P 500. Marvell Technology jumped 25% after the chipmaker said it expects AI revenue to during the 2024 financial year at least double compared to the previous year. This follows Thursday’s report from fellow chipmaker Nvidia, which gave a big forecast for upcoming AI-related sales.
Wall Street remains focused on Washington and ongoing negotiations For a deal lift the debt ceiling for US governments and avoid a calamitous defect.
Officials said President Joe Biden and House Speaker Kevin McCarthy are closing in on a two-year budget deal that could open the door to lifting the nations debt ceiling. THE Democratic President and Republican President hopes to find a budgetary compromise this weekend.
The threat of a U.S. debt default comes amid lingering concerns about a looming recession amid inflation that is weighing on businesses and consumers. A key measure of inflation which is closely watched by the Federal Reserve beat economists’ expectations in April. The report also showed that consumer spending remains strong.
Persistent inflationary pressure is complicating the Fed’s fight against rising prices. The central bank has been raising interest rates aggressively since 2022, but recently signaled it would likely forgo a rate hike at its meeting in mid-June. The government’s latest inflation report raises concerns about the Fed’s next move.
Wall Street is now leaning slightly toward the potential for another quarter-point rate hike in June, according to the CME’s Fedwatch tool.
Bond yields had fallen just before the latest inflation data, but rose after the report. The yield on the 10-year Treasury, which helps set rates for mortgages and other large loans, fell from 3.78% to 3.82% just before the report was released.
Movement in the two-year Treasury yield, which tends to track expectations for Fed action, was more extreme. It jumped to 4.58% from 4.49% before the report.
Markets in Europe and Asia gained ground.
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