Nasdaq Surge: FedEx Leads Stock Market Gains
The U.S. stock market saw an upward trend with Nasdaq hitting an intraday record. FedEx's strong quarterly performance and cost-cutting measures boosted investor confidence. Meanwhile, tech giants like Apple and Tesla also contributed to the rise, as optimism around AI and international trade talks added to market dynamics.
The Nasdaq surged to an intraday record on Friday, bolstered by FedEx's impressive quarterly results and a rally in tech stocks. FedEx shares rose 1.7% following cost-cutting measures and robust domestic deliveries, outpacing weaker international performance.
Investor enthusiasm was further fueled by JP Morgan's price target raise for Apple and Baird's upgrade on Tesla, which climbed 1.3% and 2.6% respectively. Despite tech and consumer discretionary sectors gaining, financials and energy companies saw declines.
The positive momentum, driven by expectations of monetary policy adjustments and international trade negotiations, was complemented by revived interest in AI-linked stock trading. Wall Street closed the week on a high, as the S&P 500 posted new highs amid anticipation of future economic easing.
(With inputs from agencies.)
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