MEGACAP RALLY PUSHES S&P 500 FURTHER ABOVE 5,000 MARK
Strong increases in megacap stocks like Nvidia propelled the benchmark S&P 500 beyond the 5,000 mark for a second consecutive day on Friday. This came after minor adjustments to 2023 inflation figures, reinforcing expectations that the Federal Reserve might lower interest rates this year. Nvidia surged 2.8% to achieve a record high following the announcement of its new business unit dedicated to crafting customized chips for cloud computing firms and other clients, including advanced artificial intelligence (AI) processors.
Other megacaps such as Microsoft, Amazon.com, and Alphabet each saw gains of over 1%. The S&P 500 achieved its ninth closing record high of the year, propelled by upbeat earnings and optimism surrounding AI, which has lifted shares of chipmakers and other tech-related firms. While U.S. monthly consumer prices showed a lower-than-expected rise in December, underlying inflation remained somewhat elevated, presenting a mixed picture that muddled expectations regarding the timing of potential interest-rate cuts by the Fed this year.
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