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Technology drives more gains on Wall Street

Technology drives more gains on Wall Street


NEW YORK (AP) Stocks rose at midday Friday on Wall Street, led by more gains in tech stocks as another chipmaker reported strong demand related to artificial intelligence.

The S&P 500 rose 1%. The Dow Jones Industrial Average rose 267 points, or 0.8%, to 33,033 at 11:37 a.m. EST, and the Nasdaq rose 1.7%.

Tech stocks did most of the work for the benchmark S&P 500. Marvell Technology jumped 27% 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.

The revolutionary field of AI has become a hot topic. Critics warn it’s a potential bubble, but proponents say it could be the last revolution to reshape the global economy.

Wall Street remains focused on Washington and the ongoing negotiations for a deal to lift the debt ceiling on US governments and avert a potentially calamitous default.

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 the Republican president hope to find a budget compromise this weekend.

Wall Street and the wider economy already had a full list of concerns before the threat of a US default on its debt was clearly highlighted on the list.

If we avoid that, and it seems like a high probability, we’ll be back on a path of economic slowdown, still-too-high inflation and tight monetary policy, said Bill Northey, chief investment officer at US Bank Wealth Management. .

A key measure of inflation that is closely watched by the Federal Reserve beat economists’ expectations in April.

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 CME’s Fedwatch tool. The Fed has already raised its benchmark interest rate 10 times in a row.

The Fed faces a tough choice at its next meeting, wrote Brian Rose, senior US economist at UBS, in a report.

Inflation is too high, but further rate hikes could push the economy into recession, he said.

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.




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