2024.05.19 23:17
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Futures just opened, S&P 500 up 0.1%, Nasdaq 100 up 0.1%, Dow Jones up 0.1%

The U.S. stock market reached new records driven by Nvidia's strong earnings and global optimism. Semiconductor stocks and companies with AI connections saw substantial gains. Economic indicators, such as weekly jobless claims and manufacturing PMIs, also contributed to positive market sentiment. Concerns about inflation and interest rates were partly alleviated by comments from the Federal Reserve. Investors will closely monitor inflation, interest rates, and corporate earnings.

Futures just opened, S&P 500 up 0.1%, Nasdaq 100 up 0.1%, Dow Jones up 0.1%

The U.S. stock market witnessed a remarkable day on Thursday, with the S&P 500, Dow Jones, and Nasdaq 100 all setting new records. This uptrend was primarily driven by the robust earnings report of Nvidia Corporation and a wave of global optimism that followed (1).

Nvidia, a leading chipmaker, delivered impressive revenues, profits, and forecasts that surpassed analysts' expectations, leading to a significant 16% surge in its shares. This positive news sent a ripple effect through the market, with growth and momentum names experiencing significant gains. The Nasdaq Composite came close to its first record close since November 2021, as a result (1).

The global risk-on sentiment, fueled by Nvidia's strong earnings, also boosted equity markets in Japan and Europe, where semiconductor stocks and companies with AI connections saw substantial gains (1).

Apart from Nvidia's earnings, other economic indicators also contributed to the positive market sentiment. Weekly jobless claims fell to a five-week low, suggesting a strengthening labor market. Additionally, the S&P flash services and manufacturing PMIs for February indicated that the U.S. economy was likely continuing to expand at an above-average pace (1).

Despite these positive developments, some investors expressed concerns about the potential for inflationary pressures and rising interest rates. However, these fears were somewhat alleviated by comments from Federal Reserve Vice Chair Philip Jefferson, who indicated that the central bank might begin cutting rates in 2024 (1).

In corporate news, shares of Newmont Corporation, Rivian Automotive, Moderna, Wayfair, and Planet Fitness experienced significant moves on Thursday, with some experiencing gains and others facing losses (1).

As the market continues to evolve, investors will closely watch developments related to inflation, interest rates, and corporate earnings to determine the direction of the market (1).

[1] MarketWatch. (2024, March 9). S&P 500 in line for record as Nvidia results see Nasdaq futures rocket 350 points.