Tek rise on Wall Street – Nasdaq ended significantly higher – E24

Chipmaker Nvidia fired up what turned out to be a good day for tech companies in the US markets.

The matter is being updated…

This is how it looks at closing time at 10 p.m.:

• The S & P is up 0.88 percent
• The Dow Jones falls 0.11 percent
• The Nasdaq Composite is up 1.71 percent

At the same time, a barrel of North Sea oil (burnt spot) is traded for USD 76.1. That’s down 2.69 percent since midnight and just under two dollars less than when Wall Street closed on Wednesday.

Nvidia fired up

It was expected that tech would rise on Wall Street even before opening, partly because of the computer chip company Nvidia’s rise.

The chip maker shot up over 26 percent in pre-trade on Wall Street. At closing time, the share is up 24.37 percent.

With the strong increase on the stock exchange, the company is approaching a market value of 1,000 billion dollars, and may therefore soon be part of the same exclusive club as Apple, Microsoft, Alphabet and Amazon, writes CNBC.

It happens after the company reported better earnings than expected after the stock market closed on Wednesday. Nvidia forecast second-quarter sales that were 50% higher than Wall Street estimates, due to continued demand for its chips for artificial intelligence applications.

The important semiconductor companies ASML and TSMC also experienced price increases after Nvidia’s earnings became known.

At the close of the stock exchange, the ASML share is up 4.97 per cent, while TSMC has risen 3.43 per cent.

Nvidia itself does not make the type of semiconductors that ASML and TSMC produce, and is therefore dependent on these companies for advanced equipment for its chip production, according to CNBC.

Risks downgrading

Yesterday, all of the leading indices ended down for the second day in a row. At the same time, negotiations continued on the debt ceiling in the US between Democrats and Republicans.

Leader of the House of Representatives Kevin McCarthy said that he is not giving up, but that he is adamant that it is important that the US government spends less money next year.

Today it became known that the credit rating company Fitch has put the US’s current AAA rating on watch, and says it may be downgraded if no agreement is reached.

On Thursday, negotiations continue to raise the debt ceiling of 31,400 billion dollars.

Both sides have said they believe it is possible to find a solution by June 1, which is the earliest date when the United States could potentially be unable to pay its bills.

Wobbly world markets

Stock markets in Europe were flat on Thursday afternoon, after the stock markets fell earlier in the day. Oslo Børs opened flat, but ended lower after a period of moderate growth in the afternoon.

The picture was more mixed in Asia in the morning hours. The Hong Kong stock market fell sharply for the third day in a row.