US stocks end the first half of the year strongly…and artificial intelligence played a major role
US stocks ended the first half of the year with great strength, on a day when their main indicators were in the green zone on the daily, weekly, monthly, quarterly and semi-annual levels, with companies using artificial intelligence applications and programs regaining leadership, achieving record highs.
And the last days of the week began trading with a happy surprise for investors, as the “Apple” share rose to its highest level ever, and then to exceed during today’s trading the price of $ 194 per share, an increase of 2%, jumping the company’s market value to more than 3 trillion dollars, and it continued to lead it to all companies. non-governmental world.
“Apple” stock alone represents more than 7.6% of the value of the S&P 500 index, the most reflective of the US stock market. Wall Street analysts say that “the portfolio of an investor in America is almost devoid of the company’s shares.”
During the trading of the last days of the first half of the year, the shares of technology companies related to artificial intelligence applications and programs jumped, as the shares of “NVIDIA” rose by 4%, bringing their gains during the current year only to more than 190%.
Also, the shares of “Meta Platforms”, “Microsoft” and “Netflix” rose by more than 2% during today’s trading. These companies led the Nasdaq index to rise by 1.45%, and its gains during the current year amounted to about 33%. And those companies achieved gains during 2023 ranging between 30% – 45%.
Also during today’s trading, the Dow Jones Industrial Average rose by 0.84%, and the S&P 500 index added 1.23% to its value, bringing its gains since the beginning of the year to more than 16%.
In Europe, stock indices rose today, Friday, driven by data that raised hopes that Beijing would strengthen its economic stimulus policy.
The Stoxx 600 index of European shares ended the last day of the first half of the year, up 1.2%.
The index rose 0.9% at the end of the second quarter, with increasing evidence of weakness in the Chinese recovery after Covid, stopping the rise in stocks that began early this year due to fears that global interest rates will remain high for a longer period.
A preliminary reading today, Friday, showed that inflation in the eurozone fell for the third month in a row in June, but most expectations indicate that the European Central Bank will adhere to its preferred view to proceed with raising interest rates in the next two meetings, at the very least.
And today, Friday, Christine Lagarde said, after the release of positive inflation data, that it is “too early to declare victory over inflation.”
European shares are still up 8.7% in the first six months of the year.
In connection with the matter, oil prices ended Friday’s trading on the rise, despite recording the fourth quarterly loss in a row, due to the impact of increasing fears of the continued rise in global interest rates, and what this may cause of a decline in fuel demand.
Brent crude futures for August delivery, which expires today, rose 56 cents, or 0.8%, to settle at $74.90. In the three months ending at the end of June, the contract finished down 6%.
The price of West Texas Intermediate crude also rose 78 cents, or 1.1%, to reach $70.64 per barrel upon settlement. It recorded its second consecutive quarterly decline, down nearly 6.5% in the last three months.
The markets have been affected in the past few months by inflationary pressures and rising interest rates in major economies, as well as a slower-than-expected recovery in Chinese manufacturing and consumption.
As for today’s trading, the report of the US Department of Commerce, which showed that annual inflation rose last month at the slowest pace in two years, boosted crude prices. Support also came from the sharp drop in US oil inventories last week.
Prices are receiving further support from Saudi Arabia’s plans to cut production by about an additional million barrels per day in July, in addition to the broader OPEC + agreement to limit supplies until 2024.
But Reuters said that a survey conducted by it, including 37 economists and analysts, showed that oil prices will find it difficult to gain momentum this year with the continuing headwinds in the global economy.
2023-06-30 21:18:59
#stocks #year #strongly
