Traders work on the floor of the New York Stock Exchange during morning trading on Oct. 8, 2024.
Michael M. Santiago | Getty Images
The S&P 500 rose Thursday in choppy trading as investors poured into stocks poised to benefit from a booming economy, and shook off a decline in some technology stocks led by Nvidia.
The S&P added 0.4%, while the Dow Jones Industrial Average gained 440 points, or 1%. The Nasdaq Composite hovered near the flatline.
Companies expected to benefit from an accelerating economy boosted the market, despite lingering focus on market bellwether Nvidia — which fell 1% post earnings.
Some of Thursday’s winners included bank stocks like Goldman Sachs, industrials giant Caterpillar and Home Depot. The Russell 2000 Index, viewed as a barometer for small companies and beneficiary of a possible boost to the economy from President-elect Donald Trump, added more than 1%.
Investors assessed results for AI-chip juggernaut Nvidia, up 190% this year. Shares seesawed even after the company reported better-than-expected third-quarter earnings and issued strong guidance. Some traders attributed the losses to slowing revenue growth from previous quarters, or concerns that the chipmaker didn’t exceed the most optimistic guidance estimate.
Nvidia 1-day
“Any weakness will likely be bought for investors but traders who require beats and raises every quarter could lighten their exposure if no big beats happen for a few quarters,” Eric Clark, portfolio manager of the Rational Dynamic Brands Fund, said about Nvidia. “When growth & momentum investors leave a stock, they generally leave skid marks.”
In other news, Alphabet shed 6% to fall for a second session on antitrust fears. Snowflake was one bright spot in tech, popping nearly 30% after topping Wall Street’s estimates and lifting its product revenue guidance for the fiscal year. Salesforce also rallied about 4%.
Bitcoin also hit a fresh milestone, crossing the $98,000 level for the first time late Wednesday as investors maintained their hopes that a second Donald Trump presidency will usher in supportive regulation for the industry. It was last trading around $96,566.
