Stocks Rise Despite Trade Turbulence: Tech Leads the Way
U.S. stocks, led by technology companies like Nvidia, saw gains as investors reacted to strong earnings and a federal court's decision on tariffs. While Nvidia's robust sales brightened the market mood, broader concerns about tariff impacts and economic contraction remain. Key sectors such as information technology and real estate posted significant advances.
In a notably varied trading session, U.S. stock markets experienced gains fueled by impressive revenue reports from technology giant Nvidia. The S&P 500 and Nasdaq indexes benefitted, rising by 0.42% and 0.75% respectively, despite investors closely monitoring ongoing trade-related developments and a significant federal court ruling.
Nvidia's success was a spotlight, with shares climbing 4.8% following its announcement of higher-than-expected quarterly sales. This boost came despite an $8 billion hit projected from upcoming U.S. export restrictions on China. The Philadelphia SE Semiconductor index mirrored Nvidia's positive performance, increasing by 1.2%.
Amidst these gains, broader market sentiment was tempered by the court decision invalidating many of former President Trump's tariffs. Nonetheless, White House economic adviser Kevin Hassett remained optimistic about the progress on trade deals. Overall, the stock landscape was mixed, with most sectors advancing while key players like Best Buy faced setbacks due to tariff-related forecasts.
(With inputs from agencies.)
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