Connect with us


Stock Market Today: Technology Leads More Gains on Wall Street

Stock Market Today: Technology Leads More Gains on Wall Street


NEW YORK (AP) Stocks rose in afternoon trading on Wall Street on Friday, driven by more gains in tech stocks as another chipmaker reported strong intelligence-related demand artificial.

The S&P 500 rose 1.3% and is on track to end the week with a slight gain. The Dow Jones Industrial Average rose 308 points, or 0.9%, to 33,072 at 1:13 p.m. EST, and the Nasdaq rose 2.2%.

Tech stocks did the heavy lifting for the benchmark S&P 500. Marvell Technology jumped 28% after the chipmaker said it expected AI turnover for the 2024 financial year to 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 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.

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 which 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 3.81% just before the report was released.

Movement in the two-year Treasury yield, which tends to track expectations for Fed action, was stronger. It jumped to 4.56% from 4.49% before the report.

The latest inflation data also highlighted the continued resilience of consumer spending, which has been a key bulwark, along with the strength of the job market, against a recession. The economy grew at a slow 1.3% annual rate from January to March and is expected to accelerate to a 2% pace in the current April-June quarter.

The impact of inflation and fears of a looming recession weighed on corporate earnings and forecasts. The latest round of corporate earnings is coming to an end, with S&P 500 corporate earnings contracting about 2%. This follows a previous quarterly contraction and Wall Street expects the current quarter to end with lower earnings.

Beauty products company Ulta Beauty fell 12.8% after revising its profit margin forecast. Discount retailer Big Lots fell 14% after reporting a much bigger loss last quarter than analysts had expected.

Investors rewarded several companies that published strong financial results. Gap rose 13.1% after posting a strong first-quarter profit.

Markets in Europe and Asia gained ground.

Markets are heading into a long weekend and will be closed in the United States for the Memorial Day holiday on Monday. Investors have another busy week of economic updates ahead, including more information on consumer confidence and employment.

Business writers Christopher Rugaber, Elaine Kurtenbach, and Matt Ott contributed to this report.

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]