Amid the buzz surrounding new artificial intelligence (AI) innovations, U.S. stocks surged, driven by the performance of technology shares. The S&P 500 rose by 0.8% during the Thursday session, putting an end to a three-day decline.
The recent uptick in the market may provide the Federal Reserve with additional evidence suggesting that there is no immediate necessity to continue raising interest rates to combat inflation. This positive development preceded the highly anticipated jobs report scheduled for Friday.
Advanced Micro Devices (AMD) witnessed a notable increase of 9.9% following the announcement of its latest AI chip, positioning itself as a competitor to Nvidia’s AI offerings. Meanwhile, Nvidia (NVDA) saw a more modest rise of 2.4%.
Alphabet (GOOGL) experienced a 5.3% surge in its stock value after unveiling Gemini, its proprietary AI platform.
Walgreens Boots Alliance (WBA) observed a significant uptick of 7.2% subsequent to revealing its plans to expand testing and treatment options for COVID-19 and the flu.
Conversely, Edwards Lifesciences (EW) saw a decline of 1.8% as the medical technology company disclosed its intention to focus on its heart devices unit by spinning off its critical care division by the end of the upcoming year.
Following a downgrade from Bank of America, Take-Two Interactive Software (TTWO) registered a 2.0% decrease. The bank expressed concerns over potential delays in the release of the highly anticipated “Grand Theft Auto VI” video game.
Nike (NKE) shares dipped by 1.1% amidst speculations surrounding the future of Tiger Woods, a renowned figure in both sportswear and golf, leading to uncertainty about his potential retirement.
