Stock Market Today: Nasdaq Composite Rises As NVIDIA & AI Stocks Soar
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All Major Indexes Green
Near 3 p.m. ET, all major indexes are green on the day.
- Nasdaq-100: Up .98%
- S&P 500: Up .82%
- Russell 2000: Up .53%
- Dow Jones Industrial Average: Up .50%
The Dow climbed back to a positive daily performance after starting the day in the red thanks to gains for technology stocks like Apple and Salesforce in addition to strong gains for McDonald’s and Travelers.
A late gainer that’s pacing the Nasdaq is Qualcomm (Nasdaq: QCOM). The company saw its share price jump before lunch and is up 4.4% with an hour of trading left in the day.
Bitcoin Joins the Rally
Bitcoin has been flat in recent months but has seen a sharp rise in its price across the past 24 hours. Bitcoin is currently trading for $65,801. It last broke past $66,000 briefly in late September.
October has historically been a strong month for the price of Bitcoin. It rose 28.52% in October 2023, 5.56% in October 2022, 39.93% in October 2021, 27.7% in October 2020, and 10.17% in October 2019.
Can NVIDIA Hit $200 Per Share?
24/7 Wall St. just published an analysis on whether NVIDIA can hit $200 per share. With the stock leading the market higher today, it breaks down some of the recent catalysts driving the company’s stock price higher.
Stocks Continue Adding to Gains
Shortly after 10 a.m. ET stocks continue to build on their early gains. Vistra Corp (NYSE: VST) is now up 5.5%, while NVIDIA is up 3.1%.
Amphenol, which is a key supplier for NVIDIA’s next-generation Blackwell systems is up 2.35%. The technology story of the year continues to center around NVIDIA as investors scramble to find plays that ride in the company’s wake as growth expectations for the next 12 months continue to soar.
At market open, key indexes are generally showing green. Shortly after 9:30 a.m. ET we have:
- Nasdaq Composite up 134.19 (+.73%)
- S&P 500 up 24.09 (+.40%)
- Dow Jones Industrial down 93.14 (-.22%)
The S&P 500 is now back to record highs. The Dow Jones is under more pressure as Caterpillar (down 3.4%), Boeing (down 2.8%), and Amgen (down 1.6%) are all seeing declines today.
NVIDIA The Biggest Gainer at the Open
Among megacaps, NVIDIA (Nasdaq: NVDA) is up the highest amount shortly after the opening bell. The stock is up 2.56% to $138.24 per share in early trading. The company continues to see upgrades and positive research notes from Wall Street as it prepares to ship its next-generation Blackwell platform in volume in the coming months.
Among S&P 500 stocks, companies with AI exposure are leading today’s gains. Vistra (NYSE: VST), Applied Materials (Nasdaq: AMAT), and Lam Research (Nasadaq: LCRX) are the only S&P 500 stocks with larger gains than NVIDIA today and all three have significant tailwinds from the growth of AI.
Economic Data This Week
With inflation data coming in slightly hotter than expected last week, attention will continue to focus on initial jobless claims numbers that will be released on Thursday. In addition, monthly U.S. retail sales data will be released on Thursday which should give an updated picture on consumer spending.
Important Earnings Week
Earnings kick into high gear this week as many of the largest companies begin reporting third-quarter earnings. Here are some of the key earnings to watch this week.
Tuesday Before Open
- United Healthcare
- Bank of America
- Citigroup
- Goldman Sachs
- Johnson & Johnson
- Charles Schwab
Tuesday After Market Close
- Interactive Brokers
- United Airlines
Wednesday Before Market Open
- Prologis
- Abbott Laboratories
- Morgan Stanley
- ASML
Wednesday After Market Close
- Kinder Morgan
- Discover Financial Services
- Crown Castle
- CSX
Thursday Before Market Open
- Taiwan Semiconductor
- M&T Bank
- Travelers Insurance
Thursday After Market Close
- Intuitive Surgical
- Netflix
Friday Before Market Open
- Procter & Gamble
- Schlumberger
- American Express
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