From Yahoo Finance: 2024-05-23 10:00:42

The S&P 500 and Nasdaq Composite reached new record highs after Nvidia’s blockbuster earnings, boosting confidence in the AI sector. Nvidia shares surged over 8% after crushing Q1 forecasts and increasing guidance, dispelling fears of dwindling AI demand. Other chipmakers and AI-related stocks rose in response. The market shrugged off interest rate hike concerns following the positive news. Meanwhile, the S&P Global Services PMI for May exceeded expectations, showing accelerated business activity. Cloud-based analytics company Snowflake and media giant News Corp also saw gains thanks to positive developments in the AI space.



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