Live News: Fed’s favorite inflation gauge rises more than forecast in April

European shares rose on Friday as chipmakers lifted markets and signs emerged from Washington that politicians are nearing a deal on the US debt ceiling.

Europe’s regional Stoxx 600 rose 0.5 percent, France’s Cac 40 added 0.6 percent and London’s FTSE 100 added 0.7 percent.

The moves came a day after Nvidia’s quarterly earnings beat analysts’ expectations and helped lift other artificial intelligence-related stocks, helping the tech-heavy Nasdaq composite finish 1.7 percent higher. The benchmark S&P 500 rose 0.9 percent.

Meanwhile, US President Joe Biden signaled late Thursday that White House officials were “making progress” in negotiations on the US debt ceiling.

Contracts tracking Wall Street’s benchmark S&P 500 and the tech-heavy Nasdaq 100 were ahead of the New York open.

The yield on Treasuries maturing in one month — close to the date when the U.S. government runs out of money — was 5.8 percent on Friday, down from a high of 6.01 percent earlier in the week.

The yield on policy-sensitive two-year bills rose 0.02 percentage points to 4.52 percent. The yield on the benchmark 10-year note was 3.81 percent. As prices fall, bond yields also rise.

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