Wall Street gets another boost from AI

The S&P hovers near record highs of 5,163 before the bell

By Nadia Elbilassy | @Nadia Elbilassy | 8 March 2024

Market open
  • 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.