S&P 500, Nasdaq Push to Fresh Record Highs
U.S. stocks reached new highs on Wednesday, driven by gains in technology shares, as investors examined the latest Federal Reserve meeting minutes for policy insights amidst a prolonged government shutdown. The S&P 500 rose by 0.6%, and the Nasdaq saw a 1.1% increase, bolstered by strong performances from AI-focused major corporations and semiconductor manufacturers, though the Dow remained steady. AMD soared by 11.3% during the session, marking an over 40% rise since the week's start, as markets evaluated the chipmaker's deal with OpenAI, which secured over $1 trillion for the ChatGPT developer through a series of interconnected agreements. Micron surged 5.9%, while Nvidia, Oracle, and Amazon each rose over 2%. Meanwhile, investors considered the minutes from the FOMC's most recent meeting, which confirmed expectations for additional rate cuts this year to support a delicate labor market, despite policymakers' ongoing concerns about elevated inflation. Elsewhere, Cisco gained 2% following the release of a new AI chip designed for data centers. In contrast, consumer defensive stocks and banks experienced declines.
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