Stocks rise, boosted by the AI trade and solid earnings
Stocks were higher Thursday after big banks’ better-than-expected earnings and strong revenue forecasts from big technology firms shifted investors’ focus from a spate of recent escalations in the U.S.-China trade war.
The S&P 500 climbed 0.3%, while the Nasdaq Composite advanced 0.5%. The Dow Jones Industrial Average gained 110 points, or 0.3%.
Several Big Tech stocks buoyed the market. Nvidia shares were up 1.2%, while Broadcom’s stock rose 2% after Taiwan Semiconductor, which produces chips for Nvidia, raised its 2025 revenue guidance to mid-30% growth from roughly 30% and reiterated its plan to commit up to $42 billion to capital expenditures by the end of this year. Taiwan Semiconductor also reported a nearly 40% surge in third-quarter profit.
Salesforce’s shares jumped 6%, marking the best performance among Dow members in early trading, after the software company gave better-than-expected long-term targets seeing revenue of more than $60 billion in 2030. Memory chip maker Micron added to the tech gains, jumping 3.5% after getting a bullish call from UBS.
Wall Street is coming off a mixed session. Both the S&P 500 and Nasdaq ended Wednesday’s session in the green as investors were encouraged by strong earnings from major banks. The Dow, however, fell slightly.
Source : Cnbc.com
