NVIDIA Tops Market Cap Rankings as Trump-Xi Dialogue Boosts US Stocks
Breaking: tech giants lead a rally driven by positive sentiment over US-China talks, despite GDP concerns. Urgent Breaking News for our archyde.com audience.
US Stocks Soar on Hopes for Trump-Xi Dialogue
In a Positive Turn, the leading US indices ended Friday with a strong gain. The Dow closed at 42,519.64, climbing 0.51%, amidst hopes for renewed US-China dialogues. The S & P 500 rose 0.58% to 5970.37, and the Nasdaq surged 0.81% to 19,939.98.
The Dow Jones Industrial Average topped previous records, driven largely by robust Semiconductor gains. NVIDIA jumped by 2.80%, reclaiming its market cap lead over Microsoft, Islamabad. Broadcom and Micron Technology also saw substantial gains of 3.27% and 4.15%, respectively.
Economic Concerns Amid Uncertainty
The Organization for Economic Cooperation and Development (OECD) has downgraded the US economic growth forecast from 2.2% to a more conservative 1.6%, fueling recession fears. Experts stress that trade policy and customs uncertainties have significantly impacted economic projections.
“For the time being, the market can move in the box area between 5700 points and at the end of February,” advised Sam Storal of CFR Research. “GDP figures in the second quarter will only come out in July, and the second quarter’s performance announcement will begin in July. There will be no additional information on tariffs by July,” he added. This creates a wait-and-see period where markets will be poised for future data points.
Geopolitical Risks and Market Sentiment
The Federal Reserve has also expressed concern over Trump’s trade policies. Recent reports indicate that the Trump administration’s policies may lead to stagflation, characterized by high inflation and slow economic growth.
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Market Movements and Interest Rates
Interest rates saw mixed movements on Friday. The 10-year US Treasury interest rate initially fell by 4 basis points but stabilized due to the influence of the OECD’s adjusted growth forecasts. The dollar index rose to 99.23, showing a 0.53% increase.
The positive job figures released by the US Ministry of Labor suggest a stable labor market. According to the April job report (JOLTS), there were 7.39 million seasonal job openings, an increase of 190,000 from the previous month.
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