All three major U.S. stock indexes in New York opened higher on the 18th (local time). Technology stocks are leading the gains, with Intel—set to receive a $5 billion (about 6.932 trillion won) investment from Nvidia—jumping more than 20% intraday.
On the New York Stock Exchange, the Dow Jones Industrial Average opened at 46,056.55, up 38.23 points (0.08%) from the previous day. The Standard & Poor's (S&P) 500 index started at 6,626.85, up 26.5 points (0.4%), and the Nasdaq rose 177.78 points (0.8%) to open at 22,439.11.
The market's rise is being led by technology stocks including Intel, Nvidia, Palantir, Micron, Tesla, and Alphabet. News that Nvidia agreed to acquire more than 4% equity in Intel at $23.28 per share was a positive for tech shares. Nvidia also rose more than 3% intraday.
New York stocks fell the previous day despite a benchmark interest rate cut by the U.S. Central Bank, the Federal Reserve (Fed). But they reversed higher in a day. Robert Shane, chief investment officer at Blanc Shayne Asset Management in the United States, told CNBC, a U.S. business magazine, "With one rate cut now done, investors can focus on corporate earnings, initial public offerings (IPO), and trade negotiations, among other economic issues." He added, "As the Fed is expected to deliver additional rate cuts within the year, interest in technology and financial stocks will grow."