From Nasdaq:

Wall Street’s S&P 500 and Nasdaq scale new heights as Nvidia inches up on news of AI chip-making unit, gathering focus on cloud computing chips. The Wall Street Journal’s report on OpenAI CEO’s ambitious investment initiative to boost AI-chip capacity further fuels positivity. Approximately two-thirds of S&P 500 companies have posted a 9% earnings growth compared to 4.7% on Jan. 1; beating estimates at 81%.

Solid earnings drive market optimism, contributing to 10 intraday S&P 500 records in 2022. 81% of companies are outperforming Wall Street’s expectations, with an earlier 4.7% earnings growth outlook ballooned to 9%. Nvidia’s extra growth editions for cloud computing triggers further confidence in earnings prospects.

Despite finishing lower at 38,666.29, the Dow Jones Industrial Average .DJI, the S&P and the Nasdaq ended at 5,026.29 and 15,987.69, respectively. Despite monthly consumer prices rising less than projected, high core inflation clouds timing of Federal Reserve’s interest-rate cuts, prompting a rate cut earlier.

Ghriskey anticipates a rate cut based on the “dot-plot,” fostering confidence on the market’s high interest rates. January’s consumer prices are eagerly expected for a clearer Central Bank rate-cutting timeline, as PepsiCo’s disappointing performance joins Pinterest’s and Cloudflare’s contrasting first-quarter future revenue forecasts, amounting to a mixed picture.



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