US stocks posted modest gains today, but uncertainty persists in the market regarding further developments in the Middle East conflict. The Dow Jones index added 0.45 percent and closed at 51,307.79 points, the broader S&P 500 index rose 0.13 percent to 7,609.78 points, and the Nasdaq Composite increased 0.03 percent to 27,093.90 points.
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Technology stocks supported market growth
The stock market’s growth was supported by favorable earnings from technology company Hewlett Packard Enterprise. The company, which manufactures servers for artificial intelligence, announced record quarterly revenue growth and improved its outlook. Its shares gained more than 19 percent.
Shares of chipmaker Marvell Technology also rose significantly, adding nearly 33 percent. They reacted to a statement by Nvidia CEO Jensen Huang that Marvell will become the next company with a trillion-dollar market valuation. Nvidia, which dominates the global AI chip market, invested two billion dollars in Marvell in March.
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Dollar remained stable, investors await further developments
In the foreign exchange market, the US dollar held steady against the euro and other major currencies. Investors continue to monitor developments in talks between the United States and Iran. The single European currency was trading at around 1.1630 USD at approximately 10:00 PM CEST, thus remaining close to Monday’s close.
The Middle East conflict, which was triggered by US-Israeli attacks on Iran in late February, has paralyzed shipping in the Strait of Hormuz, through which about one-fifth of the world’s oil supplies typically pass. A peace agreement would, according to Reuters, ease pressure on the currencies of oil-import-dependent economies while reducing investor interest in the dollar as a safe haven. Statistics office Eurostat also announced today that year-on-year consumer price growth in the eurozone accelerated to 3.2 percent in May, supporting expectations of another interest rate increase by the European Central Bank.
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Source: ČTK
