FX.co ★ Tech Continues to Support US Stocks

US equities were mixed as strength in technology shares offset losses across broader sectors, with faster inflation tempering optimism around the ongoing AI-driven rally. The S&P 500 and Nasdaq edged higher, while the Dow fell 200 points. April producer prices rose more than expected, both for energy-sensitive goods and non-energy services, underscoring how the inflationary impact of the Middle East conflict has expanded beyond direct fuel costs into the wider economy. The data coincided with a renewed rise in refined fuel prices this week amid the continued blockade of tankers in the Persian Gulf. Even so, robust earnings prospects for AI software and hardware companies have supported equity indices since the Q1 reporting season. Hyperscalers traded higher in premarket action after SoftBank disclosed substantial gains on its private stake in OpenAI. Nvidia also climbed 2.5% as CEO Jensen Huang unexpectedly joined other tech leaders and the US delegation at a summit with Chinese officials.