Wall Street recovers from losses earlier in the week, as AI stocks climb

Stocks rose in morning trading on Wall Street Friday and further trimmed losses from earlier in the week for several major indexes.

The S&P 500 jumped 0.8%, adding to gains made on Thursday.

The Dow Jones Industrial Average rose 283 points, or 0.6%, as of 10:05 a.m. Eastern. The Nasdaq jumped 1% and is now on track for a weekly gain.

Technology stocks with an focus on artificial intelligence once again led the market. Nvidia jumped 3.4% and Broadcom rose 2.4%.

Oracle rose 7% on news that it, along with two other investors, had signed agreements to form a new TikTok U.S. joint venture. Oracle, Silver Lake and MGX each get a 15% share in the popular social video platform, ensuring that it can continue operating in the U.S.

Company earnings and how companies are performing amid tariffs and inflation were a key focus for Wall Street.

Nike slumped 9.6%, as the impact from tariffs overshadowed an otherwise strong quarterly profit report. Frozen potato maker Lamb Weston fell 19.8%, despite also beating Wall Street’s profit and revenue forecasts.

Winnebago Industries jumped 10.7% after turning in profits and revenue for its latest quarter that easily beat analysts’ estimates.

Japanese stocks rose after the Bank of Japan raised its benchmark interest rate to its highest level in 30 years. In Tokyo, the Nikkei 225 gained 1%, leading the rise across Asia’s key markets. Markets in Europe also gained ground.
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AP Business Writer Matt Ott contributed.

—Damian J. Troise, AP Business Writer

source https://www.fastcompany.com/91463596/wall-street-recovers-losses-earlier-week-ai-stocks-climb