Stock Market Today, April 24:Tech Strength Drives Midday Markets

The S&P 500 (SNPINDEX:^GSPC) was up 0.51% to 7,144.39, the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 1.21% to 24,734.24 connected spot spot arsenic of 11.30 americium Eastern time. The Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.37% to 49,127.05 arsenic cyclicals and financials lagged.

Intel jumped 23.75% successful intraday trading aft delivering beardown quarterly net and upbeat guidance, powering semiconductor and broader tech gains. At midday, Advanced Micro Devices had rallied 15.15%; different spot names, including Qualcomm and Wolfspeed, had besides posted double-digit gains, helping the Nasdaq outperform.

Intel’s beardown Q1 results and upbeat forecast overshadowed concerns astir lipid and the Iran warfare this morning. A beardown net play and assurance successful tech fundamentals are helping markets erase caller conflict-related losses. That said, lipid prices stay elevated arsenic postulation done the Strait of Hormuz remains restricted, which helps explicate the Dow’s underperformance.

Today, artificial quality (AI) optimism and a surge successful chipmaker stocks drove gains. The PHLX Semiconductor Index, which tracks apical chipmakers, is up implicit 50% successful the past six months. It has risen for the past 17 days successful a row.

However, the Bank of England warned contiguous that investors are underestimating the risks. Deputy Governor Sarah Breeden pointed to macroeconomic shocks, precocious AI valuations, and backstage recognition issues arsenic factors that could enactment important unit connected banal prices arsenic they proceed to acceptable caller all-time highs.

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