S&P 500 Hits Record High as Earnings Optimism Lifts Markets - Markets Wrap
Wall Street traders pushed stocks to record highs as optimism grew that Corporate America can withstand the pressure from still-high energy costs and interest rates. With earnings season just a week away, the S&P 500 posted its first record since August. Strength in AI-related stocks also lifted sentiment, with Nvidia's market value nearing $6 trillion. Advanced Micro Devices CEO Lisa Su said chip demand is expected to remain “very high” over the next few years. Meanwhile, 10-year Treasury yields pulled back from their highest level since 2002. OpenAI is in discussions with several investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help anchor a $30 billion financing round for the ChatGPT maker, according to people familiar with the matter.
Wall Street traders pushed stocks to record highs as optimism grew that Corporate America can withstand the pressure from still-high energy costs and interest rates. With earnings season just a week away, the S&P 500 posted its first record since August. Strength in AI-related stocks also lifted sentiment, with Nvidia's market value nearing $6 trillion. Advanced Micro Devices CEO Lisa Su said chip demand is expected to remain “very high” over the next few years.
Meanwhile, 10-year Treasury yields pulled back from their highest level since 2002. OpenAI is in discussions with several investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help anchor a $30 billion financing round for the ChatGPT maker, according to people familiar with the matter.