Traders work on the floor of the New York Stock Exchange during morning trading on October 8, 2024.
Michael M. Santiago | Getty Images
The S&P 500 rose in choppy trading on Thursday as investors flocked to stocks likely to benefit from the booming economy, shaking off losses in tech stocks led by Nvidia.
of Dow Jones Industrial Average Added 370 points (0.8%). of S&P500 Add 0.2%, Nasdaq It pulled back 0.4%.
After Wednesday's bell, market gains were led by companies benefiting from an accelerating economy, even though all eyes were on market leader Nvidia's earnings report.
Among Thursday's winners were bank stocks such as JPMorgan and Goldman Sachs, as well as retailer Home Depot. The Russell 2000 index, a barometer of small businesses considered to benefit from President-elect Donald Trump's economic stimulus, rose more than 1%.
Investors also appreciated the performance of AI chip giant Nvidia, which is up 190% this year. The stock was volatile even after the company reported better-than-expected third-quarter profits and issued strong guidance. Some traders blamed the losses on slowing sales growth from the previous quarter or on concerns that chip makers did not beat even the most optimistic guidance estimates.
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Eric Clark, portfolio manager at Rational Dynamic Brands Fund, said of Nvidia: “Investors will buy on any weakness, but traders who need quarterly gains and gains will likely see several quarters of big gains.'' “If it doesn't happen, we may reduce our exposure.” “When growth investors and momentum investors walk away from stocks, they are usually left with skid marks.”
In other news, alphabet The struggling stock fell 6% in its second session of trading on antitrust concerns. snowflake was one of the bright spots in the tech industry, soaring nearly 30% after beating Wall Street expectations and raising its product revenue outlook for the current fiscal year. Salesforce also rose about 4%.
Bitcoin also rose above the $98,000 level for the first time late on Wednesday, pushing for new Recorded milestones. The last trade was around $96,566.
