Wall Street Uptrend Driven by AI Stocks

U.S. stock indices closed higher, led by technology stocks associated with artificial intelligence, particularly Microsoft, which drove the gains with a 3.7% increase during the session. Since the start of the year, its gains have risen to approximately 7%. This increase came amid the company's announcement of new capabilities in the Copilot application, including a programming tool and an ongoing AI agent. Despite the stock uptrend, pressures persisted from rising oil prices, with Brent surpassing $100 per barrel, and US Treasury yields reaching their highest level in 19 years at 5.196%. Market valuation also showed signs of deterioration, with the S&P 500's price-to-earnings multiple dropping below 19 times expected earnings, the lowest since the beginning of 2023. Additionally, the likelihood of a U.S. interest rate hike in October less than 25 basis points has increased to 66%.

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