{"id":40529,"date":"2023-07-26T01:51:49","date_gmt":"2023-07-26T05:51:49","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/ai-mania-drives-wall-street-to-higher-close-ahead-of-earnings\/"},"modified":"2023-07-26T01:51:51","modified_gmt":"2023-07-26T05:51:51","slug":"ai-mania-drives-wall-street-to-higher-close-ahead-of-earnings","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40529","title":{"rendered":"AI mania drives Wall Street to higher close ahead of earnings"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan McDermid\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Carolina Mandl and Bansari Mayur Kamdar<\/p>\n

(Reuters) – The tech-heavy Nasdaq closed higher on Tuesday, leading gains on Wall Street amid investor excitement about artificial intelligence before earnings reports from megacap technology companies Alphabet (NASDAQ:) and Microsoft (NASDAQ:) after the bell.<\/p>\n

Both Microsoft and Alphabet have launched an array of AI products since OpenAI, backed by Microsoft, released ChatGPT in late 2022. Investors expect the new products will help tech giants offset a slowdown in their cloud businesses. <\/p>\n

Shares in the owner of Google and the maker of Windows climbed 0.6% and 1.7%, respectively. “When you have this much enthusiasm for a specific investing theme, you don’t need much of a reason for markets to move. It’s inertia,” said Steve Sosnick, chief strategist at Interactive Brokers (NASDAQ:). <\/p>\n

With the U.S. central bank on track for another 25-basis point interest rate hike on Wednesday, policymakers face a choice over how much weight to put on recent economic data.<\/p>\n

“The Federal Reserve meeting tomorrow is reminding the market that it will be the second to last, if not the last, interest rate increase, and that has been a major concern for markets, particularly for tech stocks,” said Rishi Sadarangani, chief investment officer at hedge fund R\/Evolution Gate.<\/p>\n

A survey showed consumer confidence increased to a two-year high in July, amid continued optimism about the labor market despite worries about a recession.<\/p>\n

The tech-heavy index has rallied this year, helped by outsized gains in rate-sensitive megacap growth companies and hopes for an end to the U.S. Federal Reserve’s tightening cycle.<\/p>\n

Companies outside tech are also performing well as lower valuations attract investors. <\/p>\n

The blue-chip Dow inched up for 13th day in a row, even as a 0.87% slide in Boeing (NYSE:) capped gains. <\/p>\n

RTX tumbled 10.2% after saying many of its Pratt & Whitney GTF engines that power Airbus A320neo jets will need “accelerated removals and inspections”.<\/p>\n

The S&P composite 1500 passenger airlines sub index dropped 3.45%, bogged down by a 9.7% fall in Alaska Air <\/span><\/span> (NYSE:) after the airline’s annual revenue growth outlook missed expectations.<\/p>\n

The rose 26.83 points, or 0.08%, to 35,438.07, the gained 12.82 points, or 0.28%, to 4,567.46 and the Nasdaq Composite added 85.69 points, or 0.61%, to 14,144.56.<\/p>\n

Volume on U.S. exchanges was 9.75 billion shares, compared with the 10.32 billion average for the full session over the last 20 trading days. <\/p>\n

Most of the 11 major S&P 500 sectors were subdued. But materials stocks gained 1.76%, tracking rising metal prices as investors cheered pledges of support from a politburo meeting in China. [MET\/L]\n

General Electric <\/span><\/span> (NYSE:) jumped 6.27% after raising its annual adjusted profit forecast, while General Motors (NYSE:) slumped 3.51% after it posted a decline in adjusted pre-tax profit and margins in its key North American market from the previous quarter.<\/p>\n

3M Co rose 5.33% as the industrial conglomerate raised its annual adjusted profit forecast.<\/p>\n

The S&P 500 earnings are now expected to decline 7.7% for the second quarter, as per Refinitiv data.<\/p>\n

Advancing issues outnumbered declining ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favored decliners.<\/p>\n

The S&P 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 74 new highs and 101 new lows. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan McDermid\/File Photo By Carolina Mandl and Bansari Mayur Kamdar (Reuters) – The tech-heavy Nasdaq closed higher on Tuesday, leading gains on Wall Street amid investor excitement about artificial intelligence before […]<\/p>\n","protected":false},"author":1,"featured_media":6895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-40529","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAI mania drives Wall Street to higher close ahead of earnings | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=40529\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI mania drives Wall Street to higher close ahead of earnings | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=40529\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-26T05:51:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-26T05:51:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/General-Motors_800x533_L_1417078501.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=40529#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=40529\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"AI mania drives Wall Street to higher close ahead of earnings\",\"datePublished\":\"2023-07-26T05:51:49+00:00\",\"dateModified\":\"2023-07-26T05:51:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=40529\"},\"wordCount\":569,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=40529#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=40529\",\"url\":\"https:\/\/ifintechworld.com\/?p=40529\",\"name\":\"AI mania drives Wall Street to higher close ahead of earnings | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-07-26T05:51:49+00:00\",\"dateModified\":\"2023-07-26T05:51:51+00:00\",\"description\":\"\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=40529#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=40529\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=40529#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"AI mania drives Wall Street to higher close ahead of earnings\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"AI mania drives Wall Street to higher close ahead of earnings | iFintechWorld","description":"\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=40529","og_locale":"en_US","og_type":"article","og_title":"AI mania drives Wall Street to higher close ahead of earnings | iFintechWorld","og_description":"\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan","og_url":"https:\/\/ifintechworld.com\/?p=40529","og_site_name":"iFintechWorld","article_published_time":"2023-07-26T05:51:49+00:00","article_modified_time":"2023-07-26T05:51:51+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/General-Motors_800x533_L_1417078501.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=40529#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=40529"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"AI mania drives Wall Street to higher close ahead of earnings","datePublished":"2023-07-26T05:51:49+00:00","dateModified":"2023-07-26T05:51:51+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=40529"},"wordCount":569,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=40529#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=40529","url":"https:\/\/ifintechworld.com\/?p=40529","name":"AI mania drives Wall Street to higher close ahead of earnings | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-07-26T05:51:49+00:00","dateModified":"2023-07-26T05:51:51+00:00","description":"\u00a9 Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=40529#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=40529"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=40529#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"AI mania drives Wall Street to higher close ahead of earnings"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/40529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40529"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/40529\/revisions"}],"predecessor-version":[{"id":40530,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/40529\/revisions\/40530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/6895"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}