Tech bounce lifts global stocks as dollar gains

Detailed summary

NEW YORK: Stock markets rose Wednesday (Nov 11) on renewed optimism over AI following strong results from data centre operator CoreWeave, while the dollar extended a rally on expectations for at least one more Federal Reserve interest rate hike.Wall Street's main indices enjoyed a buoyant session led by the tech-heavy Nasdaq, which finished up 1.6 per cent."The primary catalyst for the upside action is, ironically, one of the primary catalysts for the downside action that had been seen in the AI trade," said Briefing.com analyst Patrick O'Hare."That would be CoreWeave, which posted better-than-feared third-quarter results and issued a reassuring outlook that has quieted some of the debt…

After last week's rout fuelled by fears that Democrats would ramp up regulation of AI, tech stocks have bounced this week on bargain-buying and hopes that fears may have been overdone."Overall, the market is putting AI doubts to one side and is focusing on revenue potential and mega cap IPO as we move through this week," said Kathleen Brooks, research director at XTB.Semiconductor companies advanced, including scandal-plagued Nvidia, which bounced 3.0 per cent after a two-day rout following the bombshell revelation of an affair between CEO Jensen Huang and a woman suspected of being a Chinese spy.

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Opening of the article, excerpted from CNA. To read the rest, open the article on the publisher's site.