US Stock Market Surges Amid Positive Economic Indicators and Easing AI Concerns
The US stock market started strong on the 18th (local time) with indicators showing a robust economy and easing concerns about market disruptions due to artificial intelligence (AI). By 10:20 AM Eastern Standard Time, the tech-heavy Nasdaq soared by 1.2%, while the S&P 500 rose by 0.7%. The Dow Jones Industrial Average also saw a gain of 0.5%.
The yield on 10-year US Treasury bonds increased by 3 basis points to 4.083%. The ICE Dollar Index, which measures the dollar against six major currencies, recorded a 0.2% rise, reaching 97.428. Gold prices also saw an uptick, with spot gold rising by 2.2% to $4,983.89 per ounce.
Semiconductor stocks were particularly strong on this day. Nvidia, which announced a major supply contract with Meta the previous day, gained 2.7%, while Micron Technology surged by over 5%. Broadcom, Qualcomm, and Intel saw increases around the 1% mark, and Palantir jumped by 7%.
In contrast, Bitcoin dropped by 0.8%, trading at $67,118, and Ethereum fell by 1.4% to $1,970.
US industrial production for January experienced its largest increase in nearly a year, driven by solid gains in utility and manufacturing output. Decembers business equipment orders surpassed expectations, indicating strong capital investment at the end of the previous year. Additionally, housing starts reached their highest level in five months.
Later in the day, the Federal Reserve is set to release the minutes from its January policy meeting.
Ian Lyngen from BMO Capital Markets commented, "The recently released economic data justifies the decision to halt interest rate cuts. The key question now is how high the bar is for resuming rate cuts."
The yield on 10-year US Treasury bonds increased by 3 basis points to 4.083%. The ICE Dollar Index, which measures the dollar against six major currencies, recorded a 0.2% rise, reaching 97.428. Gold prices also saw an uptick, with spot gold rising by 2.2% to $4,983.89 per ounce.
Semiconductor stocks were particularly strong on this day. Nvidia, which announced a major supply contract with Meta the previous day, gained 2.7%, while Micron Technology surged by over 5%. Broadcom, Qualcomm, and Intel saw increases around the 1% mark, and Palantir jumped by 7%.
In contrast, Bitcoin dropped by 0.8%, trading at $67,118, and Ethereum fell by 1.4% to $1,970.
US industrial production for January experienced its largest increase in nearly a year, driven by solid gains in utility and manufacturing output. Decembers business equipment orders surpassed expectations, indicating strong capital investment at the end of the previous year. Additionally, housing starts reached their highest level in five months.
Later in the day, the Federal Reserve is set to release the minutes from its January policy meeting.
Ian Lyngen from BMO Capital Markets commented, "The recently released economic data justifies the decision to halt interest rate cuts. The key question now is how high the bar is for resuming rate cuts."
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