US Stocks Mixed: Tech Buoyed by Nvidia, But Inflation Worries Drag on Gains

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US stocks opened higher on Friday, but the rally looks unlikely to sustain as the week draws to a close. The Dow Jones Industrial Average and the S&P 500 are set to end four consecutive weeks of gains, weighed down by renewed concerns about inflation.

The tech-heavy Nasdaq is a bright spot, on track for a weekly gain thanks to Nvidia’s impressive earnings report. Investors remain optimistic about Big Tech’s future, particularly their investments in artificial intelligence. However, strong economic data released on Thursday, indicating rising prices, has dampened hopes of interest rate cuts by the Federal Reserve this year.

The focus has now shifted back to the Fed’s monetary policy decisions, with investors awaiting further economic data to determine the market’s direction. While Nvidia’s success highlights the potential for growth in the tech sector, overall market performance hinges on the Fed’s next move regarding interest rates.

Source: Reuters

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