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You are at:Home » Nvidia rise propels tech stocks, powering the Nasdaq and S&P 500
Finance and Investing

Nvidia rise propels tech stocks, powering the Nasdaq and S&P 500

Gazet InternationalBy Gazet InternationalJuly 9, 2024Updated:January 27, 20252 Mins Read
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The S&P 500 and Nasdaq hit record highs as Nvidia surged, while Fed Chair Powell’s testimony hinted at potential rate cuts.

Stocks

Nvidia surged 2.4%, while Applied Materials and Micron Technology rose 1.5% and 1.1%, pushing the Semiconductor index to a record high.

The S&P 500 IT Index hit a record high as megacaps like Alphabet, Meta, and Tesla rose 0.3%-3.6%.

On Monday, the S&P 500 hit its 35th record close this year, driven by AI and tech gains despite Fed uncertainty.

However, the Dow Jones lagged, dropping over 1% due to Salesforce and Microsoft, while the small-cap Russell 2000 fell 0.4%.

Testifying before Congress, Powell noted inflation is above the 2% target but improving, suggesting more good data could justify rate cuts.

However, the central bank chief insisted he was not “sending any signals about the timing of any future actions”.

“It does sound like Powell is just waiting for a few more months of decent inflation data to feel confident enough to start cutting, so a September rate cut could be in the cards,” said Brian Jacobsen, chief economist at Annex Wealth Management.

Markets now price in 50 bps easing this year, with a 72% chance of a 25 bps cut by September, up from 50%.

Crucial inflation data is due this week, with the consumer price index on Thursday and producer price index on Friday.

Investors await the second-quarter earnings season, starting this week, with major banks reporting on Friday.

Analysts expect S&P 500 companies’ earnings per share to rise 10.1% in Q2, up from 8.2% in Q1 (LSEG I/B/E/S).

Early morning, Dow Jones fell slightly to 39,316.28, while S&P 500 and Nasdaq rose to 5,583.81 and 18,446.62, respectively.

Key banks, such as Citigroup, JPMorgan Chase, and Bank of America, saw gains of 1.7% to 2.8% as Powell addressed the audience.

Tempus AI, which initially rose, saw a decline as J.P. Morgan and Morgan Stanley rated it positively, resulting in a 3% drop.

Declining stocks exceeded advancers, with a ratio of 1.44-to-1 on the NYSE and 1.38-to-1 on the Nasdaq.

The S&P index saw 23 new highs and 13 new lows, whereas the Nasdaq had 46 highs and 110 lows.

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#ECONOMY #Fed #FINANCE #GAZETINTERNATIONAL #GI #GIAWARDS #INFLATION #interestrate #MARKETS #NASDAQ #NVIDIA #S&P #SHARES #STOCKMARKET #stocks #US #USmarkets #WallSt #wallstreet
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    Gazet International Magazine is a global entity that works towards providing latest information and news updates of the world. It entraps latest stories in banking, finance, lifestyle and various beats of the world. We engage in recognizing and rewarding the global organizations for their achievements in various fields and deliver justice to the nominees with valued identification and recognition of companies that indulge in the Gazet Award Ceremony.

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