Wall Street's Tech-Driven Rally

On Thursday, Wall Street witnessed a significant uptick, primarily fueled by the robust performance of tech stocks. Giants in the technology sector, including Nvidia, Meta, Amazon, Tesla, and Microsoft, each saw an approximate 2% increase in their stock values. The semiconductor industry also enjoyed substantial gains, with Microchip Technology Inc. and ON Semiconductor leading the charge with surges of 10.48% and 7.67%, respectively.

Global Trade Relations Under the Microscope

Amidst the market's upward trajectory, investor attention remained sharply focused on the evolving landscape of international trade relations. A spokesperson for China's Ministry of Commerce, Guo Jiakun, clarified that no trade negotiations are currently taking place between China and the United States, countering earlier reports of progress. Guo emphasized the need for the elimination of what he described as "unilateral" trade barriers, highlighting the ongoing tensions between the two economic powerhouses.

Market Indices and Currency Movements

The Dow Jones Industrial Average rose by 0.73%, adding 290 points by 10:42 am ET. The Nasdaq 100 and the S&P 500 also posted significant gains, climbing by 1.85% and 1.32%, respectively. In currency markets, the euro strengthened against the dollar, marking a 0.59% increase to $1.13788 at 10:43 am ET.