Stock Traders Revive AI Bid After Economic Signals: Markets Wrap
- Surprisingly strong economic data keep recession fears at bay
- Regional banks climb before the results of Fed’s stress tests
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The stock market welcomed the latest data underscoring economic resilience even if that means the potential for still tight Federal Reserve policy.
Tech megacaps led the rebound in equities, with the Nasdaq 100 up almost 2% and the S&P 500 halting a two-day drop. Tesla Inc. rallied after a 6% plunge, Snowflake Inc. jumped on an artificial intelligence-related partnership with Nvidia Corp. and Facebook’s parent Meta Platforms Inc. gained as Citigroup Inc. lifted its target. Alphabet Inc. underperformed with an analyst saying Google’s owner was moving “too fast” in AI.