NEW YORK (AFP)
Wall Street stocks bounced early Friday, shrugging off higher US Treasury yields amid enthusiasm about artificial intelligence equities following Broadcom results.
Shares of Broadcom soared more than 20 percent after the semiconductor company reported higher earnings on a 51 percent jump in quarterly revenues to $14.1 billion.
Broadcom pointed to a 220 percent rise in AI revenue. Shares of AI-oriented companies Nvidia and Arm also climbed early Friday.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 43,987.13.
The broad-based S&P 500 gained 0.4 percent to 6,076.99, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 20,047.14.
Among the major indices, only the Nasdaq is on track to post weekly gains.
Stocks have been under intermittent pressure this week as market watchers point to profit-taking after earlier gains.
Markets are looking ahead to a Federal Reserve meeting next week at which the central bank is expected to cut interest rates.