The S&P 500 closes in little more than an hour and technology stocks continue carrying the index today. Stocks that are tightly attached to growth in AI are seeing some of the strongest returns today. NVIDIA (Nasdaq: NVDA), Broadcom (Nasdaq: AVGO), and Synopsys (Nasdaq: SNPS) are all up more than 3% today.
Other technology winners include Netflix (Nasdaq: NFLX), which is up 2.69%, and GoDaddy (NYSE: GDDY).
Early estimates for Hurricane Milton’s potential damage are in, and they’re a whopper. Jeffries put out an estimate today that the Hurricane could cause up to $175 billion in damages.
The researcher has a base case of closer to $50 billion but notes 1-in-100-year events can cause up to the $175 billion figure. Milton currently has 145 mile-per-hour sustained winds and is a Category 4 hurricane. It’s expected to make landfall tomorrow evening near Tampa, Florida.
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As of 12:15 p.m. ET, the S&P 500 (INDEXSP: .INX) was up .71%. Let’s take a look at some of the major stories in the stock market today.
While the S&P 500 is generally having a good day, it has been a struggle for some stocks. Energy stocks are struggling as the price of crude oil has dropped 3% during today’s trading. Notable losers include:
Materials stocks are also feeling the pinch today with Freeport-McMoRan (NYSE: FCX) down 4.96% and Albemarle (NYSE: ALB) down 4.28%. One of the biggest losers outside energy and materials is Super Micro Computer (Nasdaq: SMCI), which is down 5.48%. The company is shedding some gains from yesterday when its stock surged following the announcement it had shipped more AI chips than expected last quarter.
One other sector in the S&P 500 that’s struggling today is gambling stocks. MGM Resorts (NYSE: MGM) is down 3.09% while Caesars Entertainment (Nasdaq: CZR) dropped 2.76%. Doubts about China’s fiscal stimulus are likely the primary reason gambling stocks are struggling.
While Chinese stocks aren’t part of the S&P 500, they are the biggest market news of the day with many Chinese ETFs dropping more than 10%. The drop in Chinese equities started after a press conference in China meant to address stimulus measures included few specifics on how the Government plans to boost consumer spending and overall economic activity.
Contact [email protected] for any questions or corrections.
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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