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US stocks advance on AI earnings and inflation data
U.S. stocks rose today, Wednesday, supported by positive earnings results from artificial intelligence companies, especially in the technology sector, and inflation data that aligned with expectations. This reinforced bets on keeping the U.S. Federal Reserve interest rates unchanged in September. The Dow Jones Industrial Average saw a slight increase, while the S&P 500 and Nasdaq climbed notably, as investors anticipated further gains in the AI sector. Shares of cloud computing and chip companies, such as NVIDIA and Micron Technology, experienced strong gains, with expectations of continued demand for AI-powered computing capacity. Meanwhile, economic data showed a slight uptick in consumer prices, reducing the likelihood of a rate hike in September, amid tensions in the Middle East that are impacting energy prices and increasing inflation risks.
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