NEW YORK (AP) \u2014 U.S. stocks are drifting in mixed trading on Wednesday.<\/p>\n
The S&P 500 added 0.1% in morning trading and remains near its all-time high<\/a> set a couple weeks ago. The Dow Jones Industrial Average jumped 396 points, or 0.8%, after setting its own record the day before<\/a>, while the Nasdaq composite was down 0.3%, as of 10:30 a.m. Eastern time. <\/p>\n Advanced Micro Devices was at the front of the market. It rallied 10% after CEO Lisa Su said the chip company is expecting better than 35% of annual compounded growth in revenue over the next three to five years. She credited \u201caccelerating AI momentum.\u201d<\/p>\n Stocks benefiting from the artificial-intelligence frenzy<\/a> have been shaky recently, as investors question whether they can add much more to their already spectacular gains. Their sensational growth has been one of the top reasons the U.S. market has hit records despite a slowing job market <\/a> and high inflation<\/a>. But their prices have shot so high <\/a> that critics say they\u2019re reminiscent of the 2000 dot-com bubble, <\/a> which ultimately burst and dragged the S&P 500 down by nearly half.<\/p>\n Nvidia<\/a>, for example, came into the day with a 4.6% drop for the month so far after it more than doubled in four of the last five years. The biggest player in AI chips dipped another 0.6% Wednesday, and it was one of the heaviest weights on the market because of its massive size.<\/p>\n Similar questions are also dogging the broad U.S. stock market, though other stocks aren\u2019t getting as much criticism as Big Tech and AI superstars. <\/p>\n One way for stock prices to look less expensive is for companies to deliver big growth in profits.<\/p>\n IBM rose 2.9% and was one of the biggest reasons for the Dow\u2019s market-leading performance after announcing progress in \u201cbringing truly useful quantum computing to the world,\u201d according to Jay Gambetta, director of IBM Research. Companies across the industry are racing to develop quantum computing in order to solve complex problems beyond the reach of classical computers. <\/p>\n On Holdings jumped 20.7% after the Swiss shoe and apparel company reported a much bigger profit for the latest quarter than analysts expected. <\/p>\n But even beating expectations may not be enough for some stocks. Circle Internet Group fell 8.2% even though it reported profit for the latest quarter that trounced analysts\u2019 estimates. <\/p>\n The stock price of the issuer of one of the most popular cryptocurrencies has been generally falling since it got near $300 in June, just a few weeks after its initial price offering of $31.<\/a> It\u2019s now around $91.<\/p>\n Another way for stock prices to look less expensive is if interest rates fall. That\u2019s because bonds paying lower yields can encourage investors to pay higher prices for other investments.<\/p>\n In the U.S. bond market, where trading resumed following Tuesday\u2019s Veterans Day holiday, the yield on the 10-year Treasury eased to 4.07% from 4.13% late Monday. <\/p>\n Traders still see a nearly two-in-three chance that the Federal Reserve<\/a> will cut its main interest rate at its next meeting in December, according to data from CME Group. That\u2019s despite Fed Chair Jerome Powell saying a third cut for the year is far from a sure thing. Fed officials are worried about the potential of giving still-high inflation more fuel. <\/p>\n The Fed has been in a difficult spot recently because the U.S. government has not been publishing<\/a> its usual updates on the job market, inflation and other areas of the economy. That\u2019s restricted its view of how things are going, though the nation\u2019s longest-ever shutdown appears to be nearing an end<\/a>. <\/p>\n In stock markets abroad, indexes rose across much of Europe and Asia. <\/p>\n France\u2019s CAC 40 jumped 1.4%, and South Korea\u2019s Kospi gained 1.1% for two of the world\u2019s bigger gains. <\/p>\n ___<\/p>\n AP Business Writers Yuri Kageyama and Matt Ott contributed.<\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK (AP) \u2014 U.S. stocks are drifting in mixed trading on Wednesday. The S&P 500 added 0.1%…\n","protected":false},"author":3,"featured_media":373897,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[229,3881,738,64,84485,52702,455,439,57,59,65,8116,29211,97852,147,16266,61,67,132,68,93,107],"class_list":{"0":"post-373896","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-advanced-micro-devices","9":"tag-ap-top-news","10":"tag-artificial-intelligence","11":"tag-business","12":"tag-circle-internet-group","13":"tag-cme-group","14":"tag-federal-reserve-system","15":"tag-financial-markets","16":"tag-general-news","17":"tag-inc","18":"tag-information-technology","19":"tag-international-business-machines-corp","20":"tag-jay-gambetta","21":"tag-lisa-su","22":"tag-nvidia-corp","23":"tag-stocks-and-bonds","24":"tag-u-s-news","25":"tag-united-states","26":"tag-unitedstates","27":"tag-us","28":"tag-washington-news","29":"tag-world-news"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115537635347822387","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/373896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=373896"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/373896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/373897"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=373896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=373896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=373896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}