US stock markets posted gains on Wednesday. At the close of trading in New York, the Dow Jones Industrial Average stood at 45,565 points, representing a 0.3 percent increase compared to the previous trading day.
The broader S&P 500 Index closed at approximately 6,481 points, also up 0.2 percent. The Nasdaq 100 Index registered a similar 0.2 percent gain, closing at around 23,567 points.
Trading was notably influenced by investor anticipation surrounding the quarterly earnings report of Nvidia, a leading chip designer. The company’s market value has surged significantly due to the recent boom in artificial intelligence. Recent days have seen growing scrutiny regarding the potential of AI, with commentary from OpenAI CEO Sam Altman and Meta’s decision to pause hiring within its AI division adding to market considerations. A study from the Massachusetts Institute of Technology, indicating that only five percent of AI projects within companies demonstrably increase revenue, also contributed to the complex market sentiment.
In currency markets, the Euro weakened slightly on Wednesday evening, trading at 1.1635 US dollars. Conversely, one US dollar was worth 0.8595 Euros.
The price of gold experienced a slight increase, reaching 3,396 US dollars per troy ounce in evening trading, a gain of 0.1 percent. This equates to a price of 93.83 Euros per gram.
Oil prices also rose, with Brent crude oil trading at 67.79 US dollars per barrel at approximately 10:00 PM German time – an increase of 57 cents, or 0.9 percent, from the previous day’s close.