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USD:

Buy:

1.3396

/

Sell:

1.3765

0.04%


0.04%


EUR:

Buy:

1.4621

/

Sell:

1.511

0.02%


0.02%


GBP:

Buy:

1.7246

/

Sell:

1.7812

-0.01%


-0.01%


JPY:

Buy:

0.00856569

/

Sell:

0.00908138

-0.01%


-0.01%


May 22nd 2024, 7:45:23 am

(about a few seconds ago)

AI powered the best week for stocks in 2024.

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The week concluded for US equities with the largest tech stocks in the world driving the market higher, following several weeks of geopolitical tensions and an inflation print that came in hotter than expected, dashing hopes for imminent rate cuts. The S&P 500 and Nasdaq surged by 2.7% and 4.2% respectively this week alone.

Equities marked their strongest performance of 2024 after Microsoft and Alphabet reassured investors that their investments in artificial intelligence are yielding returns. This occurred at a time when investors were seriously questioning the potential payoff of AI investments in the near future.

Despite companies capitalizing on the AI trend, some tech giants faced significant challenges. Apple arguably bore the brunt, followed by Tesla. While Tesla was previously viewed primarily as a car company, Elon Musk delivered another compelling speech, pledging a forthcoming fleet of self-driving taxis. Notably, Mercedes Benz has secured permission to operate level 3 autonomous driving in California, while Tesla remains at level 2.

Overall, US companies have reported sufficiently robust earnings to sustain the market rally, or at least prevent a sharp downturn. The upcoming inflation reports will be pivotal in determining the trajectory of North American equity markets.