Washington struck a tentative dealThe S&P 500 was 0.4% higher in early trading and near its highest level in nine months. The Dow Jones Industrial Average was down 86 points, or 0.3%, at 33,006, as of 9:45 a.m. Eastern time, while excitement about artificial intelligence helped the Nasdaq composite lead the market with a 1.1% gain.
Beyond the drama around the nation’s debt limit, financial markets have also been battling against a long list of concerns. The economy is slowing, inflation is still high and interest rates may be heading even higher, which would further tighten the reins on the economy and financial markets. Nvidia, whose chips are helping to power the tech world’s newest rush, rose another 5.4% after already more than doubling this year. Last week, it gave a monster forecast for upcoming revenue as it described customers of all kinds racing to apply AI to their businesses.
Helping to keep the overall market in check were drops for companies in the energy industry. Exxon Mobil fell 1.6%, and Chevron dropped 1.5%. They were following the price of crude oil lower amid worries about demand for fuel.