AIRLINK 69.92 Increased By ▲ 4.72 (7.24%)
BOP 5.46 Decreased By ▼ -0.11 (-1.97%)
CNERGY 4.50 Decreased By ▼ -0.06 (-1.32%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 69.85 Decreased By ▼ -0.11 (-0.16%)
FCCL 20.02 Decreased By ▼ -0.28 (-1.38%)
FFBL 30.69 Increased By ▲ 1.58 (5.43%)
FFL 9.75 Decreased By ▼ -0.08 (-0.81%)
GGL 10.12 Increased By ▲ 0.11 (1.1%)
HBL 114.90 Increased By ▲ 0.65 (0.57%)
HUBC 132.10 Increased By ▲ 3.00 (2.32%)
HUMNL 6.73 Increased By ▲ 0.02 (0.3%)
KEL 4.44 No Change ▼ 0.00 (0%)
KOSM 4.93 Increased By ▲ 0.04 (0.82%)
MLCF 36.45 Decreased By ▼ -0.55 (-1.49%)
OGDC 133.90 Increased By ▲ 1.60 (1.21%)
PAEL 22.50 Decreased By ▼ -0.04 (-0.18%)
PIAA 25.39 Decreased By ▼ -0.50 (-1.93%)
PIBTL 6.61 Increased By ▲ 0.01 (0.15%)
PPL 113.20 Increased By ▲ 0.35 (0.31%)
PRL 30.12 Increased By ▲ 0.71 (2.41%)
PTC 14.70 Decreased By ▼ -0.54 (-3.54%)
SEARL 57.55 Increased By ▲ 0.52 (0.91%)
SNGP 66.60 Increased By ▲ 0.15 (0.23%)
SSGC 10.99 Increased By ▲ 0.01 (0.09%)
TELE 8.77 Decreased By ▼ -0.03 (-0.34%)
TPLP 11.51 Decreased By ▼ -0.19 (-1.62%)
TRG 68.61 Decreased By ▼ -0.01 (-0.01%)
UNITY 23.47 Increased By ▲ 0.07 (0.3%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,394 Increased By 99.2 (1.36%)
BR30 24,121 Increased By 266.7 (1.12%)
KSE100 70,910 Increased By 619.8 (0.88%)
KSE30 23,377 Increased By 205.6 (0.89%)

NEW YORK: US stocks rose on Friday, with the benchmark S&P 500 on course to closing at its highest level, powered by strength in chip and megacap stocks, as investors parsed corporate earnings and watched for clues on whether interest-rate cuts were imminent.

The S&P 500 looked poised to end above its record high of 4,796.56 points, inching closer to its all-time high of 4,818.62 points, both hit two years ago.

This comes in the face of a rocky start to the week, following mixed earnings from top investment banks and mostly disappointing comments on the possibility of early rate cuts from central bankers globally.

Semiconductor stocks Qualcomm, Marvell Technology , Nvidia and Microchip Technology gained between 1.2% and 3.1% after server maker Super Micro Computer lifted its second-quarter profit forecast, sending its shares surging 30.2%.

The Philadelphia SE Semiconductor index hit an all-time high, while the information technology index touched a fresh record high, as megacaps Microsoft, Meta Platforms, Alphabet and Apple added between 0.3% and 1.2%.

The recovery in chip stocks comes on the back of a bullish forecast focusing on artificial intelligence from Taiwan Semiconductor Manufacturing (TSMC), the world’s largest contract chipmaker, on Wednesday.

“It does seem like the next big wave of technology transformation, but it’s a little too early to tell the magnitude and timing of what the impacts will be. But it’s becoming clearer which companies are better positioned to capitalize on it at some point,” said Aaron Clark, portfolio manager at GW&K Investment Management.

Adding to the optimism, the University of Michigan’s preliminary survey showed consumer sentiment improved in January to its highest level since the summer of 2021.

Also on tap are remarks from a number of central bankers, after Chicago Fed President Austan Goolsbee said rate cuts could begin if inflation continues to make good progress back down to the 2% target rate, but that more data was needed before any judgment could be made.

Through the week, money market participants have toned down expectations for a 25-basis-point rate cut in March to 52%, nearing levels seen just before the central bank’s December policy meeting, according to the CME Group’s FedWatch Tool.

At 11:42 a.m. ET, the Dow Jones Industrial Average was up 119.69 points, or 0.32%, at 37,588.30, the S&P 500 was up 17.27 points, or 0.36%, at 4,798.21, and the Nasdaq Composite was up 72.33 points, or 0.48%, at 15,127.98.

Travelers Cos jumped 4.6% after the insurer’s fourth-quarter profit more than doubled, while State Street advanced 3.9%, after the lender reported record net inflows in its Global Advisors unit in the fourth quarter.

Spirit Airlines rebounded 24.1% as it assessed options to refinance its 2025 debt maturities, amid concerns over the airline’s ability to remain afloat.

iRobot slumped 28.7% after a report said the European Union’s competition watchdog plans to block Amazon.com’s $1.4-billion acquisition of the robot vacuum maker.

Declining issues outnumbered advancers for a 1.62-to-1 ratio on the NYSE and for a 1.67-to-1 ratio on the Nasdaq.

The S&P index recorded 45 new 52-week highs and two new lows, while the Nasdaq recorded 64 new highs and 144 new lows.

Comments

Comments are closed.