Wall Street: US stock market ends high led by gains in tech stocks; Nvidia shares jump 7%
livemint.comCatch Independence Day 2023 LIVE Updates here "NVIDIA remains our top pick, with a backdrop of the massive shift in spending towards AI, and a fairly exceptional supply-demand imbalance that should persist for the next several quarters," Morgan Stanley analysts said in a note on Monday, Reuters reported. The rally in Nvidia shares also boosted other megacap growth stocks and lifted the information technology index 1.85% higher.
Among other megacap growth stocks, Alphabet shares gained 1.4%, Amazon.com was up 1.6%, while chipmaker Micron Technology rallied 6.1%. Also Read: Global markets update: US stocks gain ahead of retail sales data Meanwhile, Tesla share price declined 1.2% after the electric vehicle (EV) said it had cut prices in China for some Model Y versions.
Hawaiian Electric Industries shares tanked almost 34%, as scrutiny mounted over whether the utility's equipment played any role in deadly wildfires that burnt through the coastal Maui town of Lahaina, Reuters reported. Going ahead, investors will focus on quarterly earnings from major US retailers including Walmart and Target along with retail sales data for July.
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