Wall Street concludes in disorganized order after the Fed minutes and before Nvidia
February 22, 2024
Crude Futures Lower With Mideast, Fed Comments in View
February 23, 2024By Amruta Khandekar and Bansari Mayur Kamdar
February 23, 20248:44 AM ESTUpdated a few seconds ago
[1/2]Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 6, 2024. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
- Summary
- Companies
- Nvidia adds record $277 bln in stock market value on Thursday
- Block rallies as outlook tops earnings estimates
- Carvana surges on first-ever annual profit
- Futures up: Dow 0.09%, S&P 0.11%, Nasdaq 0.07%
Feb 23 (Reuters) – Wall Street’s main indexes were set to open marginally higher on Friday after a stunning rally in the previous session, spurred by upbeat results from AI poster child Nvidia that renewed enthusiasm about artificial intelligence.
The S&P 500 (.SPX), opens new tab and Dow Jones Industrial Average (.DJI), opens new tab surged to record closing highs on Thursday, while the tech-heavy Nasdaq (.IXIC), opens new tab was a whisker away from its all-time high, as investors piled into technology stocks with the AI-fueled frenzy on Wall Street gaining more steam.
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Nvidia (NVDA.O), opens new tab added $277 billion in stock market value on Thursday, Wall Street’s largest one-day gain in history.
Shares of the heavyweight chip designer were up 2.3% in premarket trade on Friday and the company is closing in on $2 trillion in market value for the first time.
“Traders are going to be closely watching Nvidia’s move today. Will it hold up? That’s a question mark,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
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“I would suspect at one point or another, the run up is going to run out of steam. Over-exuberance in the market is likely to end up with a noticeable pullback.”
Most megacap stocks were subdued on Friday, with Tesla (TSLA.O), opens new tab, Amazon.com (AMZN.O), opens new tab and Apple (AAPL.O), opens new tab down between 0.1% and 0.6%.
At 8:25 a.m. ET, Dow e-minis were up 36 points, or 0.09%, S&P 500 e-minis were up 5.75 points, or 0.11%, and Nasdaq 100 e-minis were up 12.25 points, or 0.07%.
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Among other stocks, Carvana <CVNA.N> surged 27.4% on reporting its first-ever annual profit, helped by its pact with bondholders to cut its outstanding debt by $1 billion.
Warner Bros Discovery (WBD.O), opens new tab slipped 5.0% on reporting a bigger-than-expected quarterly loss as the media conglomerate battled the fallout of the twin Hollywood strikes on content generation.
Super Micro Computer (SMCI.O), opens new tab fell 2.7% after it announced pricing of $1.5 billion convertible senior notes.
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