Nasdaq Climbs as Tech Stocks Rise After Cooler-Than-Expected Inflation Report: Live Updates
Shares of Google-parent company Alphabet experienced a surge of more than 4% as the search giant unveiled new gadgets and details on its generative artificial intelligence tools at its I/O developer conference in California. The company showcased a range of new offerings, including its Pixel 7a Android phone, conversational chatbot Bard, and new AI tools for its Search business and online office suite. First Citizens BancShares also reported a substantial rise in profits in their first quarterly report following the bank’s acquisition of assets from the recently failed Silicon Valley Bank.
Regional bank stocks, however, have lost significant ground in a relatively quiet week on Wall Street. Nonetheless, trading activity picked up after the consumer price index reading earlier in the day, which saw more than 43 million shares of the SPDR S&P 500 ETF Trust traded in just two and a half hours on Wednesday.
Meanwhile, the WisdomTree Cloud Computing Fund is on track to make its best daily performance since March. The fund has risen by 2.5% so far in Wednesday’s session, with RingCentral and Q2 leading the way. However, Carl Icahn’s conglomerate, Icahn Enterprises, saw its shares drop by as much as 20% after regulators sought information from the company following allegations of “inflated” asset valuations from short-seller Hindenburg Research.
In another new development, the IQ CBRE Real Assets ETF will begin trading on Wednesday, with holdings split roughly 50-50 between real estate and infrastructure.
Related Facts:
– Alphabet’s I/O developer conference showcased many new products and features, including AI tools for its Search business and online office suite, conversational chatbot Bard, and the Pixel 7a Android phone.
– First Citizens BancShares saw a huge rise in profits following its acquisition of assets from Silicon Valley Bank.
– Following cooler-than-expected inflation data, trading activity in the S&P 500 surged on Wednesday.
Key Takeaway:
Google and First Citizens BancShares were among the biggest winners in a relatively quiet week on Wall Street, both recording substantial gains. Nonetheless, regional bank stocks lost significant ground, and regulators’ interest in Icahn Enterprises has caused concern. Meanwhile, the IQ CBRE Real Assets ETF will begin trading, opening up opportunities in real estate and infrastructure.
Conclusion:
Despite a relatively quiet week, certain companies have seen substantial gains or losses. With the range of new offerings featured at Google’s I/O developer conference and the strong gains made by First Citizens BancShares, there are opportunities for investors to take advantage of. However, recent losses by regional banks and Icahn Enterprises have highlighted a degree of volatility in the market.
