The S&P 500 reached a record high today thanks to Nvidia’s impressive earnings report, fueling optimism around artificial intelligence technology. Here’s a breakdown of today’s gains and losses in the major U.S. equities indexes:
– The S&P 500 surged 2.1%, hitting an all-time high.
– The Nasdaq jumped 3.0% with significant gains in the tech sector
– The Dow climbed 1.2% following the positive market momentum.
Nvidia’s fourth-quarter results surpassed expectations, with the company tripling its revenue from the previous year. Of particular note was the five-fold growth in its data center business, which provides cloud and AI services. The chipmaker’s stock skyrocketed by 16.4%, leading the S&P 500 higher. Competitors like Advanced Micro Devices also saw their shares rise significantly, with a 10.7% jump for AMD.
Other notable winners included Moderna, whose shares rose 13.5% after reporting an unexpected quarterly profit and a strong position in the COVID-19 vaccine market. Quanta Services exceeded expectations, driven by robust demand in the renewable energy sector, resulting in a 10.3% increase in its stock price.
On the flip side, Etsy faced the day’s heaviest losses on the S&P 500, dropping by 8.4% due to a projected decline in gross merchandise sales for the first quarter of 2024. Additionally, Newmont Mining Corp. saw a 7.6% decrease in its shares after unveiling plans to sell non-core mines and projects to raise cash following a recent acquisition.
APA Corp. experienced a 3.9% decline in its stock value after reporting lower-than-expected profits in the fourth quarter, partly due to a temporary shutdown at one of its offshore platforms. These varied performances contributed to the day’s mixed results across the equities market, showcasing the ongoing volatility and resilience of the global economy.
