-U.S. stocks closed out the trading week near the unchanged mark in a subdued session on Friday, with the) forecast quarterly revenue surpassing Wall Street expectations and predicted robust growth in demand for its custom AI chips over the next few years. The optimistic outlook propelled the company’s shares higher, pushing its market capitalization past $1 trillion for the first time.) gave up earlier gains.
Technology stocks continued their upward momentum, driving the Nasdaq above the 20,000 mark for the first time on Wednesday. The rally was further bolstered by an in-line inflation report, which solidified expectations for a 25 basis-point interest rate cut from the Federal Reserve in its meeting next week.
According to preliminary data, the S&P 500 lost 0.19 points, or 0.00%, to end at 6,051.06 points, while the Nasdaq Composite gained 21.69 points, or 0.11%, to 19,924.53. The Dow Jones Industrial Average fell 85.68 points, or 0.20%, to 43,828.44. U.S. stocks have repeatedly reached all-time highs this year, driven by surging interest in heavyweight tech companies capitalizing on artificial-intelligence trends.
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