Stocks hit records on AI rally
- The S&P 500 and Nasdaq Composite closed at fresh records on April 27 as Nvidia, Intel and other chip stocks extended an AI-driven run. - The S&P 500 finished at 7,173.91 and the Nasdaq at 24,887.10, while Intel had jumped 22.6% on April 24 after strong guidance. - The rally kept running despite rising oil and inflation worries, with London’s FTSE 100 also lifted by energy and banks. (kitco.com)
U.S. stocks pushed back to records on Monday, April 27, with the S&P 500 and Nasdaq Composite extending an April rally led by artificial-intelligence chip names. (cnbc.com) The S&P 500 closed up 0.12% at 7,173.91, and the Nasdaq Composite gained 0.20% to 24,887.10. Both indexes also set intraday highs during the session. (cnbc.com) The latest burst of momentum followed Intel’s earnings-driven jump on Friday, April 24. Reuters reported Intel surged 22.6% after issuing a stronger revenue outlook tied to demand for central processors used in artificial-intelligence systems. (usnews.com) That same Reuters report said the Philadelphia Semiconductor Index rose 3.2% to an all-time high on April 24 and was headed for an 18th straight daily gain. The index was up more than 47% for the year. (usnews.com) Nvidia also hit an all-time high on April 27 as investors prepared for a heavy week of technology earnings. Investopedia reported the market was looking for more proof that artificial-intelligence spending was still translating into revenue growth. (investopedia.com) The rally was not confined to Wall Street. In London, the FTSE 100 rose 0.2% to 10,393.85 on April 27, with energy stocks up 1% and banks up 0.5% as BP and Shell each climbed about 1%. (kitco.com) Markets were climbing even as oil added pressure to the inflation outlook. Reuters said Brent crude rose 2.4% to $107.84 on April 27, and traders pushed out expectations for rate cuts across major economies. (kitco.com) U.S. economic signals were mixed at the same time. Reuters reported weekly jobless claims rose to 214,000 for the week ended April 18, while the University of Michigan’s April consumer sentiment index fell to a record low 49.8 as inflation expectations rose. (usnews.com 1) (usnews.com 2) That combination left investors making a narrow bet: artificial-intelligence demand and earnings strength could keep lifting equities even as oil, inflation and central-bank uncertainty stayed in the background. (usnews.com) (kitco.com)
