Live Nasdaq Composite: Tech Sentiment Buoyed by AMD
Quick Read
- AMD (AMD) rallied 8% after CEO Lisa Su projected AI data center peripherals will reach $1T by 2030.
- AMD’s surge is driven by what Su described as insatiable demand for cutting-edge AI chips.
- Oklo (OKLO) rose 7.1% despite missing estimates as Wedbush set a $150 target on nuclear power’s AI role.
- Nvidia made early investors rich, but there is a new class of ‘Next Nvidia Stocks’ that could be even better; learn more here.
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Dow Hits Record High, Nasdaq Lags
The Dow Jones Industrial Average is now trading at a fresh all-time high of 48,294.75, up 346.79. With the end of the government shutdown in sight, stocks are rallying. Meanwhile, the Nasdaq Composite is sitting this one out, pressured by declines in some Big Tech companies.
Market Gainers
The following stocks are making strides in today’s trading session:
Elevance Health (NYSE: ELV) is up approximately 5%.
Steel Dynamics (Nasdaq: STLD) is tacking on 4.8%.
Lithium stock Albemarle (NYSE: ALB) is gaining 4.6%.
UnitedHealth Group (NYSE: UNH) is rising 4.2% but remains down 32.5% year-to-date.
Bull Market Warning
Goldman Sachs Strategist Peter Oppenheimer reportedly warned that the good times in the stock market won’t last forever. He issued a report predicting that the S&P 500 will deliver annualized returns in the ballpark of a modest 6.5% over the coming decade accounting for dividends, pointing to valuations and dividend yields as negative catalysts. This compares with double-digit percentage returns that the broader market has generated in the past decade.
The markets remain mixed, with the Nasdaq Composite and S&P 500 now trading fractionally lower.
Fed Shakeup
This article will be updated throughout the day, so check back often for more daily updates.
Stocks were higher on the jump, with chipmaker Advanced Micro Devices (Nasdaq: AMD) leading the charge. The chipmaker stock began rallying in pre-market trading and is holding its gains, soaring 8% as it inches closer to its 52-week high. However, wider market sentiment fizzled as the morning went on, with much of the Nasdaq Composite’s gains dwindling to a whimper. Nvidia (Nasdaq: NVDA) is a drag on the index, falling about 1%.
AMD’s rally comes on the heels of its earnings report in which CEO Lisa Su tossed around projections like AI data center peripherals ballooning to $1 trillion by 2030, which would in turn drive the company’s revenue amid what she described as an “insatiable” craving for cutting-edge AI chips.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: 48,292.86 (+0.76%)
Nasdaq Composite: 23,473 (flat)
S&P 500: 6,865.28 (+0.26%)
Market Movers
Nuclear stock Oklo (NYSE: OKLO) is another gainer, rising 7.1% on the day on the heels of its quarterly earnings report. Oklo fell short of estimates but Wall Street remains bullish. Analyst firm Wedbush reiterated its “outperform” rating on OKLO stock with a $150 price target owing to the projected role of nuclear power in the AI era.
Fintech stock Circle (NYSE: CRCL) is spiraling by 8% today despite surpassing earnings estimates. Analyst firm William Blair reiterated its “outperform” rating on the stock amid stablecoin demand.
Cryptocurrency trading platform Coinbase (Nasdaq: COIN) is taking a page out of Elon Musk’s book, relocating its headquarters from Delaware to the state of Texas, according to an OpEd by the company’s chief legal officer Paul Grewal in the WSJ. Musk set the model by domiciling his companies Tesla and SpaceX in the Lone Star State.
© AndreyKrav / iStock Editorial via Getty Images
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