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CDNS Cadence Design Systems News Story

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Live Markets: Wall Street indexes end higher with help from Nvidia

US stocks end higher, but off best levels; Nasdaq out front, up ~0.8%

FOMC Minutes show split over what might happen next

Energy leads S&P sector gainers; Utilities weakest group

Dollar rallies; gold gains >2%; crude up >4%; bitcoin down >1%

US 10-Year Treasury yield rises to ~4.08%

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WALL STREET INDEXES END HIGHER WITH HELP FROM NVIDIA

The three major U.S. stock indexes ended higher on Wednesday, helped by gains in technology-related shares including Nvidia NVDA.O, while energy shares also climbed.

Nvidia shares rose 1.6% after the company said it had signed a multi-year deal to sell to Meta Platforms META.O millions of its current and future artificial intelligence chips.

The S&P 500 software and services sector .SPLRCIS gained 1.1% after tumbling earlier this month. It was boosted by a jump in shares of Cadence Design Systems CDNS.O. The chip-design software provider beat fourth-quarter revenue estimates.

The energy sector .SPNY rose 2% along with sharp gains in oil prices. Oil jumped 4% amid concerns of conflict between the United States and Iran, and after talks between Ukraine and Russia in Geneva ended without a breakthrough. The S&P 500 technology index .SPLRCT ended 1% higher.

In addition, the S&P 500 industrials .SPLRCI scored another record closing high.

Investors also digested minutes from the January Federal Reserve meeting. The minutes showed that Fed policymakers were in near-unanimous agreement to keep interest rates on hold at their meeting last month, but remained split over the next steps. Several were open to rate hikes if inflation remains elevated, with others inclined to support further cuts if inflation recedes as they expect.

Among the day's decliners, Walmart WMT.O shares eased 1.7%, with the retailer due to report its quarterly results before the bell on Thursday.

Here is the closing market snapsthot:

(Caroline Valetkevitch)

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EARLIER ON LIVE MARKETS:

ARE AI-DISRUPTION CONCERNS PREMATURE? CLICK HERE

BOFA CLIENTS RUN FROM SINGLE STOCKS CLICK HERE

HUMP DAY DATA DUMP: DURABLE GOODS, INDUSTRIAL OUTPUT, HOUSING STARTS, MORTGAGE DEMAND CLICK HERE

NASDAQ UP MORE THAN 1% EARLY; TECH, ENERGY AMONG GAINERS CLICK HERE

S&P 500: CAN THIS SUPPORT STEM THE DECLINE? CLICK HERE

AI-DRIVEN INCOME FEARS CLOUD LUXURY OUTLOOK CLICK HERE

ECB AFTER LAGARDE: KNOT OR... MAYBE A DOVISH SHIFT CLICK HERE

STOXX 600 TOUCHES FRESH RECORD ON EARNINGS BOOST CLICK HERE

EUROPE BEFORE THE BELL: POSITIVE EARNINGS LIFT THE MOOD CLICK HERE

GENEVA TALKS, INFLATION IN SPOTLIGHT AMID LUNAR NEW YEAR LULL CLICK HERE

Closing snapshot https://fingfx.thomsonreuters.com/gfx/mkt/myvmqdednvr/Pasted%20image%201771450187458.png

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