Stock Market Today: S&P 500 in record close as Nvidia-fueled tech rally continues
Investing.com-- The S&P 500 and Nasdaq wrapped up a strong week with record closes on Friday, underpinned by slump in Treasury yields and an Nvidia-led surge in chip stocks as the latest quarterly results from tech continue to point to accelerating artificial intelligence demand.
By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was up 98 points, or 0.3%, S&P 500 gained 0.8% to close at 5,136.23, while NASDAQ Composite jumped 1.1% to a record 16,274.94.
Fed governor Christopher Waller said Friday he would like to see the U.S. central bank shift its holdings more toward short-term Treasuries, sending the yield on the 2-year Treasury 11 basis points lower to 4.54%.
Data on Friday showing consumer sentiment unexpectedly slipped in February, and manufacturing activity deteriorating further into contraction territory boosted hopes for an earlier rate cut in further blow to Treasury yields to boost growth sectors including tech.
Markets are pricing in a rate cut in June, according to Investing.com’s Fed Rate Monitor Tool.
Nvidia-led a surge in chip stocks to close above $2 trillion for the first time ever as bullish quarterly results from enterprise hardware makers including Dell showed demand for AI-enabled hardware including chips continued to accelerate.
Dell Technologies (NYSE:DELL) surged 31% on stronger-than-expected earnings and guidance as solid demand for its artificial intelligence-optimized servers offset weakness in personal computing.. Dell’s AI backlog at the end of the quarter for GPU servers was $2.9B, up about 80% from $1.6B last quarter.
Hewlett Packard Enterprise Co (NYSE:HPE), meanwhile, reported softer guidance, pressured by ongoing weakness in the PC market, and reported AI server shipments of
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