Nvidia and other tech stocks lead Wall Street higher
BNN Bloomberg
U.S. stocks rose Wednesday and erased their losses for the week so far, as Nvidia and other technology companies led the way.
The S&P 500 added 0.8 per cent for a second straight gain following Monday’s swoon, when stocks dropped as investors tried to separate potential losers from winners in the artificial-intelligence boom.
The Dow Jones Industrial Average rose 307 points, or 0.6 per cent, and the Nasdaq composite climbed 1.3 per cent.
Nvidia was one of the strongest forces lifting the market and rose 1.4 per cent ahead of its highly anticipated profit report, which arrived after trading ended for the day. The company whose chips are at the center of the AI revolution once again reported profit for the latest quarter that topped analysts’ expectations. It also said it expects to make roughly US$78 billion in revenue this quarter, when analysts had been forecasting less than US$72.3 billion.
Because Nvidia has grown to become the U.S. market’s largest stock by value, it has more influence on the S&P 500 than any other company.
Nvidia’s profit reports have become a bellwether for the market, not only because it’s so big but also because of how influential the AI boom has broadly become over the market’s moves. In past years, the AI frenzy helped stocks run to record after record amid hopes that it would revolutionize the economy and make it more productive.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
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