Wall St edges up as AI enthusiasm eases worries over higher oil prices, yields

Business Recorder reported that major American equity benchmarks ticked up on Friday, as enthusiasm around artificial intelligence offset worries about expensive crude and rising Treasury yields. Microsoft climbed 3%, making it the largest lifter of the S&P 500, after the company added several Copilot app functions, such as a coding helper and a continuously running AI agent. Chipmakers Micron and Marvell Technology each gained roughly 1%, while Nvidia edged up slightly.

At 9:59 a.m. ET, the Dow Jones Industrial Average was 226.73 points, or 0.44%, higher at 51,576.71. The S&P 500 and Nasdaq Composite rose 0.29% and 0.41%, reaching 7,726.62 and 27,048.75. Technology, up 1%, was the strongest sector this week, even as eight of the eleven S&P 500 sectors slipped. Both indexes were on course for weekly gains.

Odds of a Federal Reserve rate increase of at least a quarter point in October stand at 64%, up from about 50% earlier this week, according to CME Group's FedWatch Tool. Brent crude hovered above $100 a barrel and the 10-year Treasury yield stood at 5.1%, while inflation concerns tied to the Iran and Ukraine conflicts and heavy government debt capped gains. Reports that Washington and Tehran were still discussing a phased exit from the war, including Iran reopening the Strait of Hormuz and the US easing its economic blockade, supported sentiment.