Tech Stocks Surge Amid AI Optimism and Mixed Economic Signals
The S&P 500 and Nasdaq neared record highs driven by strong earnings from Micron, reflecting optimism in AI. Economic data showed GDP contraction, slight improvement in jobless claims, and upcoming Fed interest rate decisions. President Trump criticized Fed Chair Powell on interest rate policies amidst market fluctuations.
The S&P 500 and Nasdaq indices were poised to open near historic highs Thursday, powered by robust earnings from Micron Technology. This bolstered investor confidence in the artificial intelligence sector, despite mixed economic reports.
While semiconductor stocks like Micron, Marvell Technology, and Nvidia exceled, concerns arose from economic indicators. The U.S. first quarter GDP fell by 0.5%, overshooting predictions, indicating strong import pressures amidst pre-tariff consumer and business activity.
Attention also focused on Federal Reserve Chair Jerome Powell's congressional testimony, where he emphasized patience regarding interest rate cuts. President Trump criticized Powell's cautious stance. Traders expect potential rate cuts soon, keeping a keen eye on upcoming inflation and economic reports.
(With inputs from agencies.)
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