Nasdaq Hits Record High Amid Economic Optimism and Tech Gains

The Nasdaq reached a record high as Wall Street's major indexes saw cautious gains. Strong U.S. economic data, led by a rebound in retail sales and positive earnings forecasts from companies like PepsiCo, boosted investor morale. Meanwhile, U.S. chipmakers also rose on strong demand for AI technology.

The Nasdaq soared to a record high on Thursday, spearheading a cautious climb across Wall Street, buoyed by robust economic data that elevated investor spirits. Notably, airline stocks surged following upbeat results from United Airlines.

U.S. retail sales sharply rebounded in June, igniting economic optimism and causing the Federal Reserve to deliberate rate cuts due to inflationary concerns linked to import tariffs. PepsiCo's promising profit forecast, aided by heightened demand for energy drinks, saw its shares spike 6.8%.

Amid mixed economic signals, including stalled producer prices and rising consumer inflation, the possibility of a Fed rate cut in September stands at just over 54%. The technology sector benefited from TSMC's record profits, revealing increasing AI demand, with U.S. chipmakers like Marvell and Nvidia experiencing gains.

(With inputs from agencies.)