US STOCKS-Wall Street Rises on Revived AI Momentum as Earnings Season Picks Up
- On Oct 27, the Nasdaq Composite gained 1.14% as an AI-fueled tech rally pushed stocks higher, while the Dow Jones Industrial Average remained essentially flat at 52,364.02.
- Third-Quarter reporting season bolstered markets as 83% of companies delivered better-than-expected results, while IPOs for AI companies such as Anthropic generated additional buzz for the Semiconductor sector.
- Royal Caribbean rose 6.5% after lifting its full-year profit forecast, while Boeing tumbled 9.7% following a larger-than-expected third-quarter loss and Xylem dropped 12.4% after trimming forecasts.
- The Fed convened on Oct 27 for its policy meeting, widely expected to keep rates on hold in the 3.75% to 4% range, as easing crude prices amid Middle East negotiations soothed inflation jitters.
- Matthew Keator, managing partner of the Keator Group, warned the AI trade "could be a bit over its skis," noting signs companies are pulling back on future spending commitments.
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The Nasdaq index - with a high technological colour - gained 1.18%, the expanded S&P 500 index increased by 0.60% and the Dow Jones grappled 0.03%. "The good business hunt is at work, (...) driven by AI values, especially semiconductors and technology giants," explains AFP Patrick O'Hare, an analyst at Briefing.com. "These same values had recorded strong losses last week, driven by fears about massive investments to develop AI. The Nvidia mastod…
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Wall Street Climbs as AI Stocks Rally and Strong Corporate Earnings Offset Fed Rate Concerns
U.S. stocks closed higher Tuesday, led by technology and semiconductor companies as renewed enthusiasm for artificial intelligence and stronger-than-expected corporate earnings lifted markets ahead of ... The post Wall Street Climbs as AI Stocks Rally and Strong Corporate Earnings Offset Fed Rate Concerns first appeared on [your]NEWS.
Protothema
PentapostagmaUS indices remained on an upward trajectory, with Nasdaq standing out, as Anthropic's IPO reignited investment interest - Big Tech results in focus - Countdown to the Fed's verdict
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