Stocks eased back from the AI fueled rally as investors mulled ongoing quarterly earnings from corporate America and awaited further catalysts including the release of key inflation data later this week.
Stocks eked out another closing record high on Friday, with all three Wall Street benchmarks scoring weekly gains, as artificial intelligence stocks had enough steam to keep the rally chugging along.
Stocks climbed to record highs after Nvidia’s blowout earning reinforced investor optimism in artificial-intelligence boom, ushering in a sea of green across tech stocks.
Stocks struggled overnight as sentiment was further soured following the release of the minutes of the Federal Reserve’s January meeting showing members were concerned about cutting interest rates too soon.
Stocks fell Tuesday, as investors paused bullish bets on tech stocks ahead of quarterly results from the Nvidia and the minutes from the Federal Reserve’s January meeting due later this week.
SPI futures flat, US Markets closed. BHP Increases dividend despite lower profits
Stocks ended their 6-week winning streak as data this week showing inflation remains rein in investor bets on sooner rather later rate cuts.
Stocks climbed Thursday, as a jump in energy and small-caps supported the ongoing rally and offset an Apple-led dip in tech and economic data showing possible signs of weakness in the consumer.
The Dow edged higher while Treasury yields slipped on Wednesday as investors tried to assess the timing of possible interest rate cuts from the Federal Reserve, while the dollar eased off of a three-month peak against the yen.
The Dow had its worst day in 11 months as US inflation numbers all but wiped out hopes of aggressive rate cuts in the first half of this year.
The Dow closed at record highs Monday, led by energy stocks ahead of a busy week of top-tier economy data, and fresh round of corporate earnings.
Equities surged higher with the S&P500 closing above 5,000 for the first time on Friday and Nasdaq briefly traded above 16,000, with boosts from megacaps and chip stocks, including Nvidia as investors bet on artificial intelligence technology and eyed strong earnings data.
