Nvidia Powers Big Tech Stock Rally: Closing Bell
May 13, 2025
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10:02Now PlayingNvidia Powers Big Tech Stock Rally: Closing Bell
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as posted by the channelWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Scarlet Fu, Carol Massar and Tim Stenovec.
A rally in the world’s largest technology companies wiped out the stock market’s losses for the year on bets tensions around Donald Trump’s trade war are cooling, with inflation data showing limited impacts thus far.
Equities climbed to the highest since February, the month that marked the S&P 500’s all-time high. The gauge was up almost 1%, with chipmakers leading the charge as Nvidia Corp. and Advanced Micro Devices Inc. will supply semiconductors to Saudi Arabian firm Humain for a massive data-center project. Treasuries erased gains on speculation the Federal Reserve will stay put as it evaluates potential implications of tariffs. The dollar fell.
The easing of trade tensions and a surprisingly positive earnings season have spurred optimism after a period of doubt about Corporate America’s ability to meet high profit expectations. The stock market is “gonna go a lot higher,” Trump noted, citing an “explosion of investment and jobs” as he said Saudi Arabia would commit to investing $1 trillion in the US.
The Trump administration plans to overhaul regulations on the export of semiconductors used in artificial intelligence, tossing out a Biden-era approach that had drawn strenuous objections from America’s allies. The US is also weighing a deal that would allow the United Arab Emirates to import more than a million advanced Nvidia chips, people familiar with the matter said.
The S&P 500 rose 0.7%. The Nasdaq 100 climbed 1.6%. The Dow Jones Industrial Average lost 0.6%. A closely watched gauge of chipmakers rallied 3.1%. The Bloomberg Magnificent Seven index of megacaps added 2.2%.
The yield on 10-year Treasuries advanced one basis point to 4.48%. The Bloomberg Dollar Spot Index fell 0.7%.
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