Stock market today: Asian markets mixed as US government debt talks push toward brink of default
Asian markets turned mostly higher Friday amid signs that
President
Biden and McCarthy both expressed optimism heading into the weekend that the gulf between their positions could be bridged. A two-year deal would raise the debt limit for that time, past the 2024 presidential election. As their price for raising the legal debt limit,
Markets have been whirling from various factors, and on Thursday, enthusiasm over artificial intelligence pushed share prices higher despite the potential crisis brewing in
That carried over into
The Shanghai Composite index added 0.4% to 3,212.50, while the S&P/ASX 200 in
On Thursday, the S&P 500 rallied 0.9% to 4,151.28 after chipmaker Nvidia gave a monster forecast for upcoming sales as it benefits from the tech world’s rush into AI.
The Nasdaq leaped 1.7% to 12,698.09, while the Dow Jones Industrial Average slipped 0.1% to 32,764.65.
Because it’s one of Wall Street’s most valuable stocks, Nvidia’s 24.4% surge was the strongest force pushing upward on the S&P 500. Its forecast of roughly
Stocks of other chip makers also charged higher after Nvidia described a race by its customers to put AI “into every product, service and business process.” Advanced Micro Devices gained 11.2%.
Some other Big Tech stocks rallied, adding to recent gains fueled by excitement about AI. The field has become so hot that critics warn of a possible bubble, while supporters say it could be the latest revolution to reshape the global economy. Microsoft gained 3.8%, and Google’s parent company, Alphabet, rose 2.1%.
“Although no one questions the potential of AI, the valuations seem to have gone ahead of themselves and it could soon be time for correction,” Ipek Ozkardeskaya of
The majority of stocks fell on worries that
The widespread expectation is for a compromise before it’s too late, as has happened dozens of times before, because a failure would likely be awful for the economy.
Fitch said late Wednesday that it could downgrade the
A report said fewer workers applied for unemployment benefits last week than expected, suggesting the job market remains strong even as manufacturing, housing and other areas of the economy slow under the weight of much higher interest rates.
Another report estimated the
In other trading, benchmark
Brent crude, the international standard, rose
The
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