The Korea Times
NEW YORK — Wall Street was modestly higher on Monday, with the earnings-driven fervor of the recent rally easing as stalled U.S.-Iran peace negotiations and the ongoing closure of the Strait of Hormuz drove crude prices higher and exacerbated inflation worries. Even so, artificial intelligence-related momentum continued unabated, with chipmakers handily outperforming the broader market. All three major U.S. stock indexes were higher and the S&P 500 and the Nasdaq bound for the latest in a series of all-time closing highs. Semiconductors handily outshone other sectors, with the PHLX Semiconductor index jumping 2.5 percent, suggesting the AI wave is showing few signs of abating. "The semis and AI infrastructure trade has taken on a life entirely of its own," said Ross Mayfield investment strategy analyst at Baird in Louisville, Kentucky. "And there's so much momentum and chasing to get in on some of these names that it seems almost somewhat divorced from any sort of like headline or announcement." First-quarter reporting period is on the home stretch, with 440 of the companies in the SP
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