S&P 500, Nasdaq Push Higher to Fresh Record
US stocks extended their records on Wednesday, as technology shares led gains and investors parsed the Federal Reserve’s latest meeting minutes for policy clues amid a prolonged government shutdown.
The S&P 500 climbed 0.6%, while the Nasdaq advanced 1.1%, buoyed by strength in AI-linked megacaps and chipmakers, while the Dow finished flat. AMD rallied 11.3% on the session to gain over 40% since the start of the week as markets continued to assess the chip-producer’s deal with OpenAI, marking over $1 trillion for the ChatGPT maker in a series of circular deals. Micron jumped 5.9% while Nvidia, Oracle, and Amazon advanced over 2% each.
Meanwhile, investors weighed the minutes from the FOMC’s last meeting confirmed that the group sees more rate cuts this year to alleviate a fragile labor market, although policymakers still head to elevated inflation. Meanwhile, Cisco advanced 2% on the release of a new AI chip for datacenters. Conversely, consumer defensive stocks and banks were lower.
Source: Tradingeconomics
