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Stock Market Today: Live Updates

Stock Market Today: Live Updates
Stock Market Today: Live Updates


Traders on the NYSE floor, May 11, 2023.

Source: NYSE

THE S&P500 climbed Thursday to briefly surpass 5,500 for the first time ever, as the artificial intelligence-driven rally at Nvidia showed no signs of slowing down.

The general market index remained near the flat line, while the Nasdaq Composite fell 0.1%. THE Dow Jones Industrial Average increased by 150 points, or 0.4%.

Nvidia rose 1%, building on gains from the previous session that cemented the chipmaker as the most valuable public company. Shares of the de facto market leader have soared more than 180% this year as the AI ​​boom continues to boost stocks, even as consumers show signs of slowing spending and some potential economic weakness.

Darden Restaurants edged up 2% after beating profit expectations, while Trump Media & Technology Group fell 10%, building on Tuesday's loss.

Costs economic data released Thursday contributed to some recent signs of a slowing economy. That data included higher-than-expected weekly jobless claims and poor housing starts and building permits. The Philadelphia Fed's manufacturing index also came in below expectations.

Stocks are headed for a winning week after the S&P 500 hit a new record high on Tuesday, alongside the Nasdaq Composite. The stock market was closed on Wednesday for the June 19 public holiday.

The hype around AI has continued to push the market higher in recent weeks. Some commentators have noted concerns that the market's lack of breadth outside the largest tech companies could worsen, although that gloomy sentiment has yet to fully influence stocks that have continued to break records.

“[The AI theme] It's a lot like 2000-2001, but as we know, the market can stay irrational longer than you can stay solvent,” said Thomas Fitzpatrick, managing director of RJ O'Brien and Associates. “Judgment Day will come, but [it’s] difficult to obstruct a train traveling at high speed. »




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