Tech Stocks Propel U.S. Markets Amid AI Euphoria and Geopolitical Uncertainty

U.S. stock markets saw a boost on Wednesday, with technology shares leading the charge amid a lack of economic data due to the ongoing government shutdown. Investors turned their focus to the Federal Reserve's policy minutes for indications on interest rate adjustments through the remainder of the year.

The Nasdaq and S&P 500 achieved new all-time highs, buoyed by growth in artificial intelligence megacaps. However, sectors such as energy and consumer staples lagged, compounded by a dip in home loan demand despite lowered interest rates.

AI investment enthusiasm juxtaposed with geopolitical uncertainties has driven gold prices beyond $4,000 per ounce as investors seek safe-haven assets. With the government shutdown limiting economic indicators, upcoming third-quarter earnings and Fed minutes are expected to steer market trends.

(With inputs from agencies.)