Wall Street rises as tech gains lead markets; investors watch oil and Fed signals
Tech stocks
The rise in US markets was largely led by technology companies and AI-focused investments. Shares of Meta Platforms went up about 2.6% after the company said it might reduce more than 20% of its workforce. Nvidia gained about 1.1% as investors awaited its developer conference to learn about new AI chip and platform updates. Micron Technology rose roughly 4.4% after a brokerage raised its price target, reflecting growing demand for memory chips used in AI systems. Tesla also gained around 1% after CEO Elon Musk announced that the Terafab project for AI chip production could start within a week. Earlier in the year, announcements from Amazon and Block about AI initiatives kept investor interest in technology high.
Global uncertainty
Even as markets rose, investors are watching global risks closely. Crude oil prices remain near $100 per barrel due to conflicts in the Middle East and limited shipping through the Strait of Hormuz. High energy prices may affect inflation and economic growth, so traders are monitoring central bank policies worldwide. The Federal Reserve is expected to leave interest rates unchanged at its policy meeting this week. Markets now anticipate that any rate cut may come after October rather than the previously expected July.
Economic data
Investors are also keeping an eye on economic reports scheduled for release, including February industrial production and the New York Federal Reserve manufacturing index. Recent talks between US and Chinese officials in Paris covered trade, agriculture, and critical minerals. The results of these talks could influence future trade policies and global market stability. Currency movements, such as the Japanese yen holding near 160 per dollar, are also being watched closely.
Gainers and losers
Key gainers included Micron Technology, Meta Platforms, Nvidia, Tesla, Coinbase, Robinhood Markets, and Strategy, which rose on AI and cryptocurrency developments. Dollar Tree, Newmont, Workday, Salesforce, and Oracle were among the losers, affected by weaker sales forecasts or sector-wide declines. Analysts say US markets will depend on AI developments, oil prices, Federal Reserve decisions, and global geopolitical stability.