Cerebras Systems surges in debut, opening at $385 after $185 IPO, fueling broader AI-driven gains in US equities.
US equities closed at record highs, with the Nasdaq and S&P 500 extending gains on strong demand for AI-related stocks. Cerebras Systems opened at $385, $200 above its $185 IPO price, raising $5.5B before paring gains to close at $311.07. The Dow Jones Industrial Average neared a fourth close above 50K, supported by broad market optimism.
March US business inventories rose 0.9%, slightly above the 0.8% estimate, while April retail sales matched expectations at 0.5%. Weekly jobless claims came in at 211K, above the 205K forecast. Import prices surged 1.9% in April, exceeding the 1.0% estimate, and export prices jumped 3.3% versus a 1.1% forecast.
The USD remained little changed despite mixed economic data. Nvidia shares climbed 4.39%, adding $9.91 to $235.44, as AI momentum persisted. Fed Governor Philip Jefferson’s resignation and Christopher Warsh’s nomination drew attention but had limited market impact.