Shares of technology companies rose as momentum in the sector picked up.
The SPDR Select Sector Technology exchange-traded fund, which tracks the tech sector of the S&P 500, rose by more than 2% and is up roughly 14% for the year to date.
The Nasdaq 100 index of mega-cap tech stocks closed at a new all-time record high. Nvidia shares rose by almost 4% to test all-time highs roughly double their value at the end of last year. The company will report earnings next week, facing sky-high Wall Street growth expectations. In one good sign for Nvidia's chip-making business, online marketplace eBay doubled the amount of computing capacity that it can produce from all of its graphics processing unit hardware compared with the end of 2023.
Investors took that as a sign that the online auctioneer was increasing investment in generative artificial-intelligence technology, which relies on GPU chips.
Billionaire Frank McCourt said he is organizing a bid to acquire TikTok in the U.S., weeks after the passage of a law that could force the social-media platform's Chinese owner into a sale.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-15-24 1743ET
