Benchmark indexes traded around record highs as investors reassessed rate paths and continued to fuel a narrow market rally powered by semiconductor stocks.
U.S. major averages turned lower on the final trading day of the week after extending monthly gains for the fourth month in a row in February. European markets traded near record highs, and indexes in Japan, China, and India extended weekly gains.
U.S. benchmark indexes inched lower, and fourth-quarter economic growth was revised slightly lower. European markets held firm, and investors reacted to a flood of earnings results. Chinese markets continued to drift lower.
Investors remained on the sidelines ahead of the release of the closely watched alternative measure of inflation. U.S. GDP growth in the fourth quarter was revised slightly lower in the second estimate.
U.S. stocks lacked direction, and investors digested recent economic data and corporate earnings from retailers, technology companies, and a cruise line operator. European markets advanced, and overall private sector credit growth stalled in the eurozone.
Benchmark indexes in the U.S. and Europe lacked direction and traded near record highs, and bond yields stayed elevated across the Atlantic. The Nikkei 225 index closed at a new record high, but indexes in China resumed their downward slide.
Benchmark indexes on Wall Street extended weekly gains, and Treasury yields stayed elevated. The Nvidia-powered market rally extended gains in artificial intelligence-linked tech stocks.
The blowout earnings from Nvidia powered a rally that lifted the indexes in Japan, Germany, France, and the U.S. to record highs. The S&P 500 traded at a new high, and the Nasdaq Composite advanced more than 2%.
Nvidia's blowout results powered another surge in market indexes on Wall Street. Treasury yields advanced after the latest policy meeting minutes showed policymakers worried about lowering interest rates too quickly.
Stocks traded in a tight range with a downward bias on Wall Street ahead of a closely watched earnings report from Nvidia and the Fed's January policy meeting minutes later today. Germany slashed its economic growth outlook for 2024 and 2025.
