- US stocks reached a nine-month peak, driven by encouraging economic data and increasing investor confidence in an imminent resolution to the US debt ceiling issue. Lifting the debt ceiling does not grant approval for new spending; rather, it enables the US to allocate funds towards programs that had been previously authorized by prior administrations and sessions of Congress.
- The widely followed benchmark index, S&P 500, climbed 1.3%, reaching its highest level since mid-August. Investors embraced stocks with strong growth potential, the benchmark index recorded a 0.3% gain for the week, marking its second straight week of positive performance.
Why it matters
The technology sector remained strong as chipmaker earnings outperformed expectations. Marvell Technology saw a significant increase of over 32% after projecting a doubling of revenue from artificial intelligence in fiscal 2024. This positive momentum followed Nvidia's robust quarterly earnings report, driven by high demand for chips used in advanced artificial intelligence systems.
