Market Performance:
| Index | Performance |
|---|---|
| Dow Jones Industrial Average (DJIA) | Rose almost 90 points, up 0.2% to around 39,159. |
| S&P 500 (SPX) | Up 4 points, or 0.1%, at 5,091, following an earlier rise of up to 0.5%. |
| Nasdaq Composite (COMP) | Shed 45 points, or 0.3%, to 15,996. |
Market Analysis:
U.S. stocks were mostly on the rise in afternoon trading on Friday, with the S&P 500 edging towards a new record high, propelled by a strong performance from megacap chip maker Nvidia Corp.
Market Performance:
| Index | Performance | Highlights |
|---|---|---|
| S&P 500 (^GSPC) | Rose slightly above the flatline, setting a new closing high. | Recorded a week of dizzying highs, buoyed by Nvidia’s strong earnings. |
| Dow Jones Industrial Average (^DJI) | Increased by 0.2%, approximately 60 points, securing its own record. | Experienced gains amidst the overall market surge. |
| Nasdaq Composite (^IXIC) | Finished down 0.3% after a remarkable week. | Despite the downturn, it was part of a week marked by significant gains. |
Key Drivers:
- Nvidia’s Impact: Nvidia Corp. (NVDA) continued to buoy market sentiment following its impressive earnings report released after Wednesday’s bell. The company’s quarterly results exceeded expectations, with its AI chips particularly in high demand.
- Market Sentiment: Matt Stucky, chief equity portfolio manager at Northwestern Mutual Wealth Management Co., remarked on Nvidia’s performance, stating that the company “lived up to the hype and then some.” Stucky highlighted the “insatiable demand” for Nvidia’s AI chips and described the surge in the company’s stock price as providing a significant boost to the overall market.
Nvidia’s Performance:
- Nvidia’s shares extended their gains, rising more than 1% in afternoon trading on Friday. This uptick followed a remarkable 16.4% surge on Thursday as investors reacted positively to the company’s strong quarterly earnings and optimistic guidance.
Weekly Performance:
- At the time of the latest data check, the Dow Jones Industrial Average was on track to gain 1.4% for the week, the S&P 500 was set for a 1.7% rise, and the Nasdaq Composite was poised to advance by 1.4%, according to FactSet data.