However, the gains were limited amid lingering concerns about aggressive rate hikes by the Federal Reserve and its impact on the global economy. Sentiment was also weaker than expected in US manufacturing activity growth data and the US unemployment benefits report.
At the close of trading, the Dow Jones Industrial Average rose 145.99 points (0.46%) to 31,656.42. The S&P500 Index rose 11.85 points (0.3%) to 3,966.85. The tech-heavy Nasdaq Composite Index fell 31.08 points, or 0.26%, to 11,785.13.
Nvidia’s shares fell about 8% after graphics chip maker Nvidia warned it could be affected by new US licensing requirements for shipments of its cutting-edge chips.
The US government told the company on Aug. 26 of new licensing requirements for future exports to China, including Hong Kong, to reduce the risk of products being used by the Chinese military. Nvidia said the limitation affects his A100 and H100 products, which are graphics processing units sold to businesses.
Shares of chipmaker Advanced Micro Devices also fell sharply after it said some chips would be affected by the new requirements.
Economic news: The Institute for Supply Management’s Factory Sector Purchasing Managers Index remained unchanged at a level of 52.8 from the previous month in August. A reading above 50 indicates an expansion in manufacturing. The production sub-index tracking level fell from 53.5 in July to 50.4 in August, but that of new orders improved to 51.3 from 48.0. The employment and backlog sub-indexes also improved from 49.9 to 54.2 and from 51.3 to 53.0 respectively.
The Labor Department released a report on Thursday showing that the number of initial unemployment claims for the week ending Aug. 27 fell to 232,000, down 5,000 from the previous week’s revised level of 237,000.
Indian ADRs rose 1.45% to $53.05 for Dr Reddy’s Labs, 2.5% to $3.68 for Azure Power Global, 0.3% to $84.52 for WNS Holdings and 1.4% to $5.08 for Wipro. became. HDFC Bank rose 1.18% to $61.77 and INFOSYS rose 0.66% to $18.42. Tata Motors increased 0.9% to $29.26 and ICICI Bank increased 0.5% to $21.95.
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