economy and politics

The Nasdaq technology index advanced 1.71% due to the pull of Nvidia

Major world stock markets closed in red on fears of recession

Wall Street closed this May 25 on mixed terrain but with a notable 1.71% rise in the Nasdaq indexwhich posted its best session in three weeks after the processor maker nvidia rose 24% due to its good business prospects.

(Nutresa, Sura and Argos shares are suspended on the Stock Market).

At the close of business, nasdaqwhich brings together the main technology companies, stood at 12,698 pointswhile the index S&P 500which also includes the colossi of that sector, it advanced 0.88%, up to 4,151 units.

(These are the dates that would boost Colombian exports).

On the contrary, the index Dow Jones of Industriales ended in red, with a slight decrease of 0.11%, up to 32,765 points.

(The country’s GDP in 2023 would be 1.1%, according to a Fedesarrollo survey).

nvidia boosted the technology sector yesterday after disclosing its quarterly results yesterday, in which its profit increased 26% year-on-year, up to 2,043 million dollars and foresaw increased demand for chips stemming from the development of artificial intelligence (AI).

(Main shareholder of Tecnoglass sells 7% stake).

From that rise in the stock market, the rival of Nvidia, AMD (11%), and large companies such as Microsoft (3.85%) alphabet (2.23%) who are investing in AI. Another part of the market traded less optimistically after the fitchone of the main debt rating agencies, yesterday placed the US credit rating on “negative watch” for the lack of an agreement to raise or suspend the debt ceiling a few days after the funds run out and produce a default.

(Burger King joins ‘discount war’ and will have specials on menu).

By sector, the rise in technology companies (4.45%), but the decreases predominated, led by those of energy (-1.89%), public services (-1.38%) and health (-1.04%).


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