Nasdaq hits record, S&P ticks higher with Nvidia results eyed
economictimes.indiatimes.comNasdaq closed at a record high on Monday while the S&P 500 gained slightly as technology stocks advanced ahead of Nvidia's highly anticipated earnings and investors gauged the timing of an interest rate cut by the Federal Reserve.
The S&P 500 technology index led gains among the 11 major S&P sectors, rising 1.32%, helped by chipmakers such as Nvidia, which advanced 2.49% ahead of its quarterly results on Wednesday.
Investors will look for evidence in Nvidia's earnings that the AI chip leader can maintain its explosive growth and stay ahead of rivals.
At least three brokerages lifted their Nvidia price targets, while peer Micron Technology climbed 2.96% after Morgan Stanley upgraded the memory chipmaker to «equal-weight» from «underweight.» The PHLX semiconductor index rose 2.15%.
«If they surprise to the upside Nvidia could spark a mini fury, although everything's kind of expensive, so it's hard to see a big move up about it,» said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.
«If the Fed starts to lower rates, that would really spark a rally but it doesn't seem like the data supports that yet.»
The Dow Jones Industrial Average fell 196.82 points, or 0.49%, to 39,806.77. The S&P 500 gained 4.86 points, or 0.09%, at 5,308.13 and the Nasdaq Composite rose 108.91 points, or 0.65%, to 16,794.87.
The Dow was weighed down by a 4.5% drop in JPMorgan shares after CEO Jamie Dimon said he was «cautiously pessimistic» and said the company would not buy back its stock at current prices.
