The US stock market is seeing a significant surge, with key indices like the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all experiencing gains. This rise is largely driven by technology stocks, particularly those with a focus on artificial intelligence (AI). As of the latest update, the S&P 500 has jumped 0.8%, the Dow Jones Industrial Average rose 0.6%, and the Nasdaq Composite surged 1%.
The University of Michigan's final reading on consumer sentiment in December came in at 52.9, slightly below the preliminary estimate of 53.3. Meanwhile, US consumer prices rose 2.7% year-on-year in November, still above the Federal Reserve's 2% target. Despite a surprise cooling of prices in November, the inflation rate remains a point of focus for investors.
Shares of Nvidia jumped 3.4% and Broadcom rose 2.4%. Oracle stock rallied 7% on news that it, along with investors Silver Lake and MGX, has signed agreements to form a new TikTok US joint venture. However, Nike stock tumbled 9.6% after weak China sales weighed on its quarterly earnings. Other notable movers include Lamb Weston, which fell 19.8% despite beating Wall Street forecasts, and Winnebago Industries, which jumped 10.7% after its quarterly profits and revenue easily beat analysts’ estimates.
Gold prices were little changed on Friday as a stronger US dollar and rising Treasury yields dented demand for the yellow metal. Spot gold rose 0.1% to $4,338.37 an ounce, while US gold futures also gained 0.1% to $4,370.10. Among other metals, spot silver added 1.5% to $66.38 an ounce, platinum added 2.3% to $1,960.41, and palladium fell 0.1% to $1,693. The US dollar climbed to a more than one-week high, making dollar-priced bullion costlier for overseas buyers.
In the oil market, prices rose as the market waits for news about a possible Russia-Ukraine peace deal. Brent futures rose 13 cents or 0.2% to $59.95 per barrel, while US West Texas Intermediate (WTI) crude rose 16 cents or 0.3% to $56.31.
Remember, this is a perspective on current market trends, not a prediction. It's essential to do your own research and consider your own financial situation before making any investment decisions. The surge in technology stocks, particularly those related to artificial intelligence, is a significant trend to watch. Similarly, the movements in the bullion and oil markets, influenced by global events and economic data, are crucial for investors to understand.
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