US Stock Market Shows Resilience Amidst Debt Deal and AI Growth
TL;DR Summary
The Dow Jones Industrial Average rose 1% despite higher inflation, as tech and chip stocks rallied. Negotiations over raising the federal debt ceiling for two years appeared to be making progress. The S&P 500 added 1.3%, while the Nasdaq gained 2.2% and hit a high last seen in August. Marvell Technology powered the continuing chip rally, while software stocks rose on Workday's results. Tesla CEO Elon Musk said 12,000 Tesla superchargers will be available to Ford starting in 2024, causing Ford's stock to rise nearly 7%. EV rival Nikola fell more than 4% as it faces possible delisting on the Nasdaq.
- Dow Jones Rises Ahead Of Memorial Day As Debt Deal, Rate Hike Loom; Tesla Rival Faces Delisting Investor's Business Daily
- Nasdaq Inc. stock outperforms competitors on strong trading day MarketWatch
- Dow Jones Today: Index Up on Debt Ceiling Hopes Investopedia
- AI Booms, Debt Deal Close; Nine Stocks Near Buy Points Investor's Business Daily
- US futures nudge a little higher on the day ForexLive
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