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Nvidia’s market capitalization briefly topped $2 trillion earlier
Nvidia continued to set the tone for the broader U.S. stock market on Friday as its shares climbed another 4% out of the gate.
An early advance for U.S. stocks fizzled on Friday as Nvidia surrendered most of its early gains while the Dow pushed further into record territory.
What’s happening
- The Dow Jones Industrial Average DJIAgained 136 points, or 0.4%, to 39,207.
- The S&P 500 SPXwas up by 4.5 points, or 0.1%, at 5,091 after rising as much as 0.5% earlier.
- The Nasdaq Composite COMPshed 65 points, or 0.4%, to 15,973. after rising more than 0.5% earlier.
On Thursday, the Dow Jones Industrial Average rose 457 points, or 1.18%, to 39,069; the S&P 500 increased 105 points, or 2.11%, to 5,087, notching its 12th record close of the year so far; and the Nasdaq Composite gained 461 points, or 2.96%, to 16,042.
Even beleaguered small-caps rose, with the Russell 2000 RUT rising 1%.
What’s driving markets
After climbing more than 4% after the open, shares of Nvidia NVDA, 1.26% gave up most of its early gain as the chipmaker continued to set the tone for the broader U.S. market.
Market analysts attributed the drop in Big Tech stocks to profit taking after the S&P 500 and Nasdaq booked their best session in more than a year on Thursday, according to Dow Jones Market Data.
“Usually if there is nothing to motivate the market to further highs, you’ll have this type of trading. Being a Friday, there’s an absence of macroeconomic news, there’s not much going on and it’s giving traders a reason to perhaps take some money off the table,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
Thursday’s advance was spurred in large part by Nvidia’s blowout quarterly earnings, released after the bell on Wednesday. The chipmaker and artificial-intelligence darling briefly saw its market capitalization eclipse $2 trillion earlier on Friday.
Weakness across shares of Big Tech and semiconductor names weighed on information technology, consumer discretionary and communications services stocks. All three sectors, which have been the top performers on the S&P 500 over the past year, were trading in the red.
The only sector that was performing worse than information technology on Friday was energy, largely due to a 2% drop in U.S.-traded crude-oil futures, according to FactSet data.
Shares of Broadcom Inc. AVGO, -0.36% and Advanced Micro Devices AMD, -3.28% traded lower, alongside most of the Magnificent Seven stocks — Apple Inc. AAPL, -0.86%, Microsoft Corp. MSFT, -0.46%, Alphabet Inc. GOOGL, -0.33%, Amazon.com Inc. AMZN, -0.34% Meta Platforms Inc. META, -0.06% and Tesla Inc. TSLA, -1.71%
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