Stock Market Reclaims Record Highs, Nvidia Tops $1,000 As AI-Driven Rally Resumes: Thursday's Top Movers
Portfolio Pulse from Piero Cingari
The S&P 500 and Nasdaq 100 indices hit new record highs, driven by Nvidia's (NASDAQ:NVDA) 9% surge to $1,034 per share following stellar earnings and guidance. Nvidia reported $26 billion in revenue, a 262% YoY increase, with AI-driven Data Center revenue up 427%. ETFs like SPY, QQQ, and XLK also saw gains, while DIA and IWM underperformed.
May 23, 2024 | 2:07 pm
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NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average fell 0.4%, underperforming due to weakness in technology stocks.
Underperformance in technology stocks has negatively impacted DIA, leading to a decline.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
The iShares Russell 2000 ETF fell 0.1%, showing slight weakness in small-cap stocks.
Small-cap stocks showed slight weakness, leading to a minor decline in IWM.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Nvidia's stock surged 9% to $1,034 per share after reporting $26 billion in revenue, a 262% YoY increase, driven by a 427% rise in AI-driven Data Center revenue.
Nvidia's significant revenue growth and optimistic guidance have led to a substantial increase in its stock price, making it a key driver of the market's rally.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
The Invesco QQQ Trust rose 0.7%, reaching a record high, driven by gains in technology stocks.
The strong performance of technology stocks, particularly Nvidia, has led to gains in QQQ.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
The VanEck Semiconductor ETF rose 3.1%, leading gains in the semiconductor sector.
Strong performance in semiconductor stocks, particularly Nvidia, has driven gains in SMH.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
The iShares Semiconductor ETF rose 1.7%, reflecting gains in the semiconductor sector.
The semiconductor sector's strong performance, led by Nvidia, has positively impacted SOX.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust gained 0.3% to reach $531, hitting a record high as the broader market rallied.
The overall market rally, driven by strong performances in technology stocks, has positively impacted SPY.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
The Technology Select Sector SPDR Fund increased by 0.6%, driven by gains in technology stocks.
The strong performance of technology stocks has positively impacted XLK.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70