Big Tech Powers Stock Gains in Run-Up to Jobs Data: Markets Wrap
- Broadcom suffers sales slowdown even as it points to AI gains
- Fed’s Harker says officials should ‘at least skip’ June hike
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A renewed rally in tech giants extended this year’s surge in the S&P 500 to almost 10% ahead of Friday’s jobs report amid bets the Federal Reserve will pause its interest-rate hikes in June.
After a brief respite in the colossal advance of big tech fueled by the artificial-intelligence frenzy, the cohort is back in full force. Nvidia Corp. climbed over 5%, leading gains in the Nasdaq 100. Aside from the obsession for anything AI-related that drove megacaps up 17% in May, the industry also got a boost amid a slide in bond yields and better-than-estimated sales at Dell Technologies Inc.