Tech Extends Rally as Traders Await US Debt Deal: Markets Wrap
- US negotiators are moving closer to striking a debt deal
- Fed’s preferred inflation gauge rises faster than expected
WATCH: Yen’s “sweet spot” is around 125, says Kieran Calder of Union Bancaire Privée.
Source: BloombergThis article is for subscribers only.
The frenzy surrounding artificial intelligence led another day of gains in the stock market on Friday as traders were also growing more confident a deal on the US debt limit would be reached.
The S&P 500 rose 1.3% and the tech-heavy Nasdaq 100 added 2.6% as Marvell Technology Inc. said 2024 revenues would “at least double” from a year ago on a surge in demand from AI, echoing sentiments from rival chipmaker Nvidia Corp. earlier in the week.