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Wall Street gets another boost from AI
The S&P hovers near record highs of 5,163 before the bell
NVIDIA Corporation surged over 4%, hitting a new peak, driving a broader tech sector rally on the back of optimistic projections for increased chip demand.
Micron Technology Inc saw a more than 3% increase following a buy rating upgrade from Stifel, reflecting expectations of a substantial rise in memory demand.
The euro initially faced challenges after the ECB maintained interest rates despite inflation concerns but later rebounded, achieving its most significant daily gain against the US dollar in a month.
On the Market Watch:
In Wall Street, NVIDIA Corporation saw a gain of over 4%, reaching a new all-time high and contributing to a broader rally in the tech sector. Fueled by optimism surrounding the growing demand for chips. In addition, Micron Technology Inc experienced a positive trend, registering a more than 3% increase. This upswing came after Stifel upgraded the memory chip manufacturer to a buy rating, anticipating a significant rise in memory demand.
In currencies, the euro faced challenges after the European Central Bank (ECB) opted to maintain interest rates despite acknowledging a slowdown in inflation. However, the euro rebounded, marking its most significant daily gain against the US dollar in approximately a month.
Lagarde also acknowledged that they are making good progress towards the inflation target and they are more confident boosting sentiment in the market over rate cuts.
The dollar steadied at a lower range after Thursday's data revealed that the number of Americans filing new claims for unemployment benefits remained steady last week, indicating a gradual easing in the labor market. Investors and analysts are now awaiting the release of the Labor Department's February employment report scheduled for Friday.
