AI Stocks Drive Wall Street Towards New Heights

Wall Street is near an all-time high after AI stocks surged and inflation worries eased slightly. The S&P 500 added 0.3 per cent, while the Dow Jones Industrial Average rose 65 points to 0.1 per cent, and the Nasdaq composite was up 0.6 per cent.

A key factor behind the gains is the performance of AI stocks, which have been on a rollercoaster ride for months. Super Micro Computer and CoreWeave led the way after reporting strong earnings and revenue growth that topped analysts' expectations.

The Treasury yield fell to 4.65 per cent as inflation data showed prices for gasoline, groceries, and other costs of living rose by 3.4 per cent year-over-year, a slight improvement from June's 3.5 per cent rate. This easing in inflation worries has traders pulling back on bets that the Federal Reserve will hike interest rates at its next meeting in September.