US Stocks Mixed as Tech Gains Offset Consumer Concerns
S&P 500 and Nasdaq hit records as strong job growth and an Intel-Apple chip deal boosted tech. Rising oil prices and low consumer sentiment tempered gains.
The United States labor market added more jobs than expected in April while the unemployment rate held steady at 4.3%. The S&P 500 rose 0.8% and the Nasdaq Composite climbed 1.7% to new records as chipmakers rallied. Resilience in employment suggests the Federal Reserve will maintain current interest rates until inflation cooling is more certain.
### Chipmakers Lead Record Market Gains INTEL CORP shares surged 14% following reports of a preliminary agreement to manufacture chips for APPLE INC. Other semiconductor firms followed the upward trend, with QUALCOMM INC rising 8% and NVIDIA CORP gaining 1.75%. These gains helped offset a 0.7% dip in European stocks and a record low in U.S. consumer sentiment.
