Wall Street Surges as Chipmakers and AI Themes Boost Markets

The S&P 500 reached a record high, propelled by gains in chipmaker stocks and optimism around future Federal Reserve interest rate cuts. Driven by significant advances in technology and sector rotation towards undervalued stocks, the market is performing strongly, with investors focusing on AI and economic volatility post-legal clarity on Trump tariffs.

Wall Street saw its major indexes, including the S&P 500, hit record highs on Friday, buoyed by a strong rally in chipmaker stocks such as Broadcom, alongside investor optimism for potential interest rate reductions by the Federal Reserve this year.

As technology stocks surged, many investors turned their attention towards sectors like materials and industrials. Despite a weaker-than-expected jobs report indicating slowed U.S. employment growth, the falling unemployment rate points toward a relatively stable labor market.

Advanced stocks outpaced declining ones, supported by corporate earnings forecasts and AI-driven investment strategies. The market awaits further developments regarding U.S. tariffs and looming financial volatility.

(With inputs from agencies.)