Tech and discretionary stocks led Wall Street higher, regulations on AI chips to be lifted

From Nasdaq: 2025-05-08 09:35:00

Wall Street closed higher on Wednesday, with tech and discretionary stocks leading the way. Regulations on AI chips are set to be lifted, boosting investor sentiment. The Dow Jones gained 0.7%, the Nasdaq added 0.3%, and the S&P 500 rose 0.4%.

Semiconductor stocks surged after reports of the Trump administration rescinding the Biden-era AI diffusion rule. NVIDIA and Intel shares rose 3.1% and 1.9% respectively. Powell, at the Fed meeting, mentioned uncertainty but declined rate cuts without solid data. Commercial crude oil inventories decreased by 2 million barrels.

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Read more at Nasdaq: Stock Market News for May 8, 2025