Big gains in the tech sector propelled the Nasdaq Composite to its sixth consecutive winning session, with notable stocks like Nvidia, Tesla, and AMD leading the surge. The S&P 500 also saw a slight increase, while the Dow Jones Industrial Average dipped. Investors responded positively to news of reduced tariffs between the U.S. and China and a report showing a four-year low in inflation rates.
With the S&P 500 and Nasdaq Composite edging closer to positive territory for the year, major tech players like Nvidia and Tesla continued their upward trajectory. Nvidia and Tesla each saw significant gains, with Nvidia also announcing a partnership with a Saudi Arabian AI company. Other tech giants like Alphabet, Microsoft, and Meta Platforms also experienced increases, while Apple, Amazon, and Broadcom saw minor declines.
Advanced Micro Devices (AMD) made headlines with a 4% jump following the announcement of a new $6 billion stock buyback program. Super Micro Computer (SMCI) and Palantir (PLTR) also made significant moves, with SMCI soaring after securing a $20 billion deal and PLTR closing at a record high for the second consecutive day.
However, the pharmaceutical sector faced challenges, with stocks like Merck and Moderna declining due to concerns following President Trump’s executive order on drug prices. The yield on the 10-year Treasury note rose to its highest level in over two months, impacting borrowing costs, while gold and oil futures experienced fluctuations.
Meanwhile, eToro saw a successful debut on the Nasdaq, with shares trading well above the initial offering price. Oklo, a nuclear technology company, also saw a significant stock surge after announcing progress in constructing its first nuclear power plant.
UnitedHealth Group rebounded slightly after a sell-off prompted by the withdrawal of its guidance and a change in leadership. American Eagle Outfitters faced a downturn after revising its full-year outlook, and analysts adjusted price targets accordingly.
In the futures market, major indexes like the Dow Jones, S&P 500, and Nasdaq 100 showed slight gains, reflecting positive sentiment among traders. Overall, the market dynamics pointed to a mix of sector-specific movements and broader economic factors influencing investor decisions.
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