The US stock market holds steadier, for now, following its wildest day since April

By STAN CHOE Associated Press Business Writer NEW YORK AP The U S stock industry seems to be holding steadier on Friday for now at least following weeks of scary swings driven in part by worries that prices for AI stocks cryptocurrencies and other Wall Street stars shot too high Related Articles Google and US regime battle over the future of internet advertising Hot Property Falmouth home brings the charm Bubble fears ease but investors still waiting for AI to live up to its promise Cracker Barrel shareholders vote to keep CEO despite logo debacle Ticker Verizon slashes jobs Mortgage rates nudge up The S P rose in early trading The Dow Jones Industrial Average was up points or as of a m Eastern time and the Nasdaq composite was higher Stocks appeared to get a boost from a speech by the president of the Federal Reserve Bank of New York Markets perked up at once after John Williams narrated a conference in Chile that he sees room for a further adjustment in the near term for interest rates That could indicate he may vote for another cut to interest rates in December What the Fed does is critical for the stock area because prices ran to records through last month in part because of expectations for a series of invigorating cuts to interest rates by the central bank But a gain for the U S stock region in the morning guarantees nothing as Thursday s violent pivot displayed The area began that day with a big gain after Nvidia seemed to tamp down worries about a anticipated bubble for stocks riding the mania around artificial-intelligence instrument But it speedily gave up all of it and dropped to a sharp loss for its biggest reversal since April when President Donald Trump shocked financial markets worldwide with his Liberation Day tariffs Despite the strong profit record from Nvidia whose chips are powering the move into AI and are proving indispensable for various buyers worries are still hanging around about what will happen in the longer term Will all the AI chips and material centers that Amazon Meta Platforms and other companies are paying for indeed turn into big profits and productivity eventually If not specific investors fear all the expenditure won t be worth it AI-linked stocks were still skittish on Friday Nvidia went from an initial gain to a drop of for example Palantir Technologies rose to recover various of its slide from the day before Proponents are still professing their belief in a revolution for the financial market that will arrive because of AI even as critics say stock prices are purely too high and frenzied Other big swings were also continuing underneath the domain s surface Cryptocurrency prices keep tumbling after soaring earlier this year with hopes for cuts to rates Bitcoin briefly plunged below before pulling back toward That s down from nearly last month and it s back to where it was in April when markets were shaking because of Trump s tariffs Helping to lift Wall Street meanwhile were several retailers Gap jumped after the apparel company broadcasted a stronger profit for the latest quarter than analysts expected CEO Richard Dickson reported it saw strong sales trends at each of its Old Navy Gap and Banana Republic brands Ross Stores rose after it likewise delivered a better profit than expected CEO Jim Conroy disclosed it saw broad-based upsurge during the quarter and raised the company s forecast for an major measure of sales during the holiday shopping season In the bond sector Treasury yields eased Following Williams speech traders were betting on a probability of a December cut up sharply from a day before according to evidence from CME Group That helped send the yield on the -year Treasury down to from late Thursday The Fed has already cut rates twice this year to shore up the slowing job region But lower rates can worsen inflation which has stubbornly remained above the Fed s target That had raised doubts about whether the Fed will cut again at its final meeting of the year next month In stock markets abroad indexes were mixed in Europe after markets tumbled in Asia following Wall Street s stunning reversal Japan s Nikkei fell and South Korea s Kospi dropped for two of the larger losses AP Writers Teresa Cerojano and Matt Ott contributed