Friends
We wondered yesterday if the earnings story from Nvidia was not only going to move the shares of Nvidia today but also stocks in general and the Nasdaq specifically. The resounding answer was yes. Shares of Nvidia soared on a blowout earnings release and the market averages followed suit. If the bears were hoping that the AI story would suffer a huge setback today, they were greatly disappointed.
By the close, the Dow Jones Industrial Average was up 456 points to close at 39,069. The S&P 500 was up 105 points to close at 5,087. The Nasdaq Composite Index was up 460 points to close at 16,041. Gold was down $1 to trade at $2,033 per ounce, while oil was up $.62 to trade at $78.53 per barrel WTI.
The big tech growth names had been showing some wear and tear lately, but the Nvidia earnings and subsequent share price surge seemed to inject some new life into the whole group. Interestingly, interest rates continue to push higher while stock market averages are registering all-time highs. We might have to develop a new narrative about the economy, interest rates and the markets. First let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
