Wall Street edges higher as Nvidia bets big on Intel
U.S. equities opened Thursday on a positive note, with the S&P 500 climbing 0.4% to extend gains above the 6,600 mark.
The Nasdaq Composite added 0.8%, while the Dow Jones Industrial Average lagged, dipping 37 points, reports Crypto News.
The gains followed the Federal Reserve’s latest 25-basis-point rate cut, which reinforced hopes of further easing later this year. Chair Jerome Powell tempered optimism by stressing persistent inflation and a soft labor market, warning that there is “no risk-free path.” Even so, analysts said bullish sentiment remains intact, with the S&P 500 eyeing a push toward 6,700.
Treasury yields ease, crypto rallies on SEC approval
Treasuries edged lower as traders positioned around the Fed’s decision. The 10-year yield slipped 3 basis points to 4.04%, while the 2-year dropped to 3.52%. The 30-year yield also softened to 4.64%. Risk assets extended their recent strength, with cryptocurrencies pushing higher on regulatory news. The U.S. Securities and Exchange Commission approved generic listing standards for crypto ETFs and cleared Grayscale to convert its Digital Large Cap fund into an exchange-traded product. Bitcoin rose 1.27% to reclaim momentum, with broader digital assets echoing the rally.
Nvidia commits $5B to Intel amid AI chip battle
The Nasdaq’s advance was fueled by news that Nvidia will invest $5 billion into Intel, signaling a rare strategic bet on a longtime rival. Intel shares jumped nearly 30% in premarket trading to around $32.20, while Nvidia gained 3%. The partnership is expected to support Intel’s manufacturing capabilities while securing supply chains for Nvidia’s expanding AI chip demand.
Meanwhile, Huawei unveiled its own roadmap targeting the AI accelerator market with new memory-chip technology, underscoring intensifying global competition. The investment highlights Nvidia’s dual strategy of deepening its dominance while shoring up a struggling U.S. peer.
Recently we wrote that the S&P 500 closed at 6,600 on Wednesday, easing 0.1% as investors weighed the Federal Reserve’s latest rate cut against Chair Jerome Powell’s cautious guidance.
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