US stocks rise as AI boosts tech shares
- AI momentum lifts tech shares after SK hynix’s strong chip results, easing last week’s financing worries.
- Early trading: Dow up 0.1% at 52,444.92; S&P 500 up 0.2% at 7,735.55; Nasdaq up 0.2% at 26,540.86.
- Investors await Microsoft, Amazon and Alphabet earnings and a Fed decision expected to hold rates steady amid high inflation.
Wall Street stocks rose early Wednesday behind improved momentum for artificial intelligence shares, as markets awaited a Federal Reserve decision.
After worries about financing for massive AI projects dogged tech shares last week, the sector has benefited from upbeat developments in recent days, most recently strong results from South Korean chip giant SK hynix.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 52,444.92.
The broad-based S&P 500 gained 0.2 percent to 7,735.55, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 26,540.86.
Upcoming results from Microsoft, Amazon and Google parent Alphabet will test whether the latest round of AI enthusiasm is extended or begins to wane.
The market is also set to weigh Wednesday’s Fed decision. While inflation continues to exceed the central bank’s limits, the Fed is expected to hold rates steady this time.
