May 23, 2024, 11:31 a.m.

Stocks Rally as Nvidia Keeps AI Juggernaut Going: Markets Wrap - · - Bloomberg - Yahoo Finance

Wall Street is on track to reach a new record high as Nvidia Corp's impressive earnings reinforce the belief that the global artificial intelligence boom will continue to drive equity markets. Nvidia shares surged over 7% in premarket trading in New York following their better-than-expected results and sales forecast. This optimism has also lifted other tech peers such as Super Micro Computer Inc. and Advanced Micro Devices Inc. Futures on the Nasdaq 100 index rose 1%, while those on the S&P 500 advanced 0. 6%. Guy Miller, the chief market strategist at Zurich Insurance Company Ltd. , hailed Nvidia's earnings as an important milestone in the AI journey and a confirmation of the growing significance of AI in the market.

He believes this will propel the industry further. In Europe, the Stoxx 600 gauge climbed 0. 4%, with tech names like ASML Holding NV and ASM International NV leading the gains. The impact of Nvidia's performance overshadowed the release of the Federal Reserve minutes, which indicated no immediate interest rate cuts. US Treasuries inched higher, while Bloomberg's dollar index retreated after reaching a one-week high. Later today, weekly US data is expected to show only a slight decrease in unemployment claims. European bond yields increased slightly after private-sector business activity reached its highest point in a year in the euro area, according to the purchasing managers indexes (PMI). However, investors remain confident the European Central Bank will implement its first rate cut in June. Several noteworthy mergers and acquisitions have also been announced, including UK investment platform Hargreaves Lansdown Plc rejecting a $6 billion private equity offer and Anglo American Plc shares gaining as BHP Group moves closer to a $49 billion takeover. Millicom International Cellular SA's Stockholm-listed depositary receipts also surged after France's Atlas Investissement confirmed it is considering an all-cash tender offer. In commodity markets, oil slightly increased but remained close to its lowest closing level in three months, while gold and copper prices continued to slide from recent record highs. Key events for this week include the G-7 finance meeting, US new home sales, initial jobless claims, and speeches by Fed officials Raphael Bostic and Christopher Waller.

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