The Dow Jones Industrial Average soared nearly 500 points on Thursday, while the S&P 500 advanced modestly. However, the Nasdaq remained flat as tech stocks faced mounting pressure.
Market Performance as of Thursday Morning:
- S&P 500: Gained 0.53%, closing at 5,948.71.
- Dow Jones: Jumped 1.06% (+461.88 points), ending at 43,870.35.
- Nasdaq Composite: Edged up 0.03%, finishing at 18,972.42.
Chipmaker Nvidia experienced a volatile trading session, fluctuating between losses and gains before closing slightly higher, up 0.5% at $146.67 per share. The company posted better-than-expected earnings, with revenue surpassing forecasts and guidance aligning with projections.
Following the strong results, over 20 firms raised their price targets for Nvidia. JPMorgan increased its target from $155 to $170, citing the company’s technological edge, while Goldman Sachs raised its target from $150 to $165, anticipating revenues exceeding $200 billion next year. “Nvidia continues to outpace competitors with its robust hardware, software, and product innovation,” JPMorgan analysts stated.
Meanwhile, tech giants faced sell-offs. Alphabet, Google’s parent company, dropped more than 4.5% following a US Department of Justice recommendation for the company to divest its Chrome business due to antitrust concerns. Other tech stocks, including Amazon, Meta, and Microsoft, also closed lower.
Economic Data:
Weekly jobless claims fell to 213,000, marking a decline of 6,000 from the previous week and staying near the lowest levels since April. However, continuing claims rose by 36,000 to 1.91 million, the highest figure in three years, indicating sustained challenges for long-term unemployed individuals.
Key Developments:
- Nvidia’s revenue growth trajectory continues to impress.
- The US tightened sanctions, blacklisting Russia’s last major unpenalized bank.
- Netflix may see a 13% stock boost as Bank of America highlighted live events, including Jake Paul vs. Mike Tyson, as a lucrative opportunity.
- Bitcoin surged toward the $100,000 mark amid reports of a potential “crypto czar” appointment by former President Trump.
Commodities, Bonds, and Crypto:
- Oil: West Texas Intermediate crude rose 2% to $70.12 per barrel, while Brent crude gained 2%, reaching $74.33 per barrel.
- Gold: Increased by 0.8% to $2,671.90 per ounce.
- Treasuries: The 10-year yield rose by two basis points to 4.428%.
- Bitcoin: Climbed 4%, trading at $98,161 as it approached the $100,000 milestone.
Despite the divergence in market performance, investor focus remains on tech sector challenges, promising crypto developments, and evolving macroeconomic conditions.
Tags:
Leave A Comment