Welcome to Extreme Investor Network, where we provide you with the latest updates and insights on the stock market, trading, and all things Wall Street. Today, we’ll be diving into the daily movements of NVIDIA Corporation and how it has impacted the broader market.
The S&P 500 recently saw ten of its eleven sectors advance, with technology stocks leading the charge by rising 1%. However, both the tech-heavy Nasdaq and the S&P 500 closed lower on Thursday following Nvidia’s results falling short of investors’ expectations. Despite this, Nvidia’s stock rebounded by 1.7% on Friday, showing signs of resilience.
Rate-sensitive technology giants like Amazon.com and Microsoft also saw gains, with their shares rising by 1.3% and 0.7% respectively. Chip stocks performed well too, with Broadcom gaining 3.4% and Advanced Micro Devices adding 1.4%, contributing to a 2.2% increase in the Philadelphia Semiconductor Index.
Meanwhile, Marvell Technology stood out with a 6.3% jump after projecting better-than-expected third-quarter results. On the flip side, Ulta Beauty saw a 4.4% drop after lowering its annual forecast. Intel surged 5.9% amid reports of a potential merger or split, while Dell Technologies gained 2.5% after raising its annual revenue and profit forecasts.
Looking ahead, market sentiment is focused on the upcoming jobs report set to be released next Friday, which could influence the Fed’s decision-making process. The CME Group’s FedWatch Tool currently indicates a 69.5% probability of a 25-basis-point rate reduction, with a 30.5% chance of a 50-basis-point cut.
Despite initial concerns about a potential economic slowdown earlier this month, market sentiment has improved, with the Dow Jones Industrial Average nearing record highs. Positive economic data, including an upward revision of economic growth figures, has helped support the market.
Stay tuned to Extreme Investor Network for more exclusive insights and analysis on the latest market trends and developments. Join our community of extreme investors and take your trading to the next level.