Stocks Gain as AI Trade Fuels Wall Street Momentum: Markets Wrap
Cisco jumped after the network-equipment maker delivered a better-than-expected sales forecast.
Photographer: David Paul Morris/BloombergA revival of the artificial-intelligence trade kept fueling momentum in stocks, with the market also rising after retail sales showed signs of consumer strength despite a war-driven surge in energy costs.
The record-breaking run in equities drove the S&P 500 near 7,500. Nvidia Corp.’s seven-day gain put its value closer to $6 trillion. A solid outlook from Cisco Systems Inc. lifted its shares by 13%. The AI-hype extended a surge in Ford Motor Co. while Cerebras Systems Inc. soared 81% in its debut. Apple Inc. fell as Bloomberg News reported OpenAI has failed to see the expected benefits from a deal and is preparing possible legal action.