The economy grew at a sluggish 1.3% annual rate from January through March and it is projected to accelerate to a 2% pace in the current April-June quarter. The latest inflation data also highlighted the continued resilience of consumer spending, which has been a key bulwark, along with the strong jobs market, against a recession. It jumped to 4.56% from 4.49% prior to the report. Movement for the two-year Treasury yield, which tends to track expectations for Fed action, was more forceful. The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, rose to 3.80% from 3.78% just before the report was released. “Inflation is too high but further rate hikes could push the economy into recession,” he said.īond yields had been slipping just prior to the latest inflation data, but rose following the report. That follows Thursday’s report from fellow chipmaker Nvidia, which gave a big forecast for upcoming sales related to AI. Marvell Technology surged a record-setting 32.4% after the chipmaker said it expects AI revenue in fiscal 2024 to at least double from the prior year. The index rose 2.5% for the week as artificial intelligence became a big focus for investors. The tech-heavy Nasdaq notched the biggest gains, rising 277.59 points, or 2.2%, to 12,975.69. The Dow Jones Industrial Average rose 328.69 points, or 1%, to 33,093.34. It notched a small gain for the week and is in the green as May nears its close. debt default and broadly weak corporate earnings. The upbeat finish to the week for major indexes comes amid lingering anxiety over persistently high inflation, the risk of a U.S. NEW YORK (AP) - Technology stocks powered solid gains for Wall Street on Friday after another chipmaker reported strong demand related to artificial intelligence.
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