The Nasdaq achieved a new record high at the close of Friday’s trading session, buoyed by gains in chipmaker Nvidia and other companies in the artificial intelligence sector. Despite concerns regarding potential delays in interest rate cuts by the Federal Reserve, Nvidia’s positive performance contributed to the market’s overall optimism.
The S&P 500 index experienced a 0.7% increase, reaching 5,304.72, while the Nasdaq Composite saw a more significant rise of 1.1%, ending the day at 16,920.79. The Dow Jones Industrial Average registered a modest gain of 0.01%, closing at 39,069.59.
For the week, the S&P 500 saw marginal growth of 0.03%, whereas the Nasdaq outperformed with a 1.41% increase. Conversely, the Dow experienced a decline of 2.33%, marking its first negative week in five.
Nvidia’s shares surged approximately 2.6% on Friday following positive sentiment surrounding its recent earnings report, propelling its stock price above $1,000 for the first time. This optimistic outlook on Nvidia and other technology firms contributed to the market’s upward trajectory, despite lingering concerns about the Federal Reserve’s stance on interest rates.
Goldman Sachs revised its forecast for the Federal Reserve’s potential rate cut, pushing it back from July to September due to strong economic and labor data releases earlier in the week. This decision was based on expectations of improved inflation by September, although uncertainties remain.
Tech stocks, including Advanced Micro Devices and Intel, saw increases of 3.7% and 2.1%, respectively, on Friday. Companies like Meta and Netflix also experienced gains of 2.7% and 1.7%, respectively. These positive performances collectively led to the Nasdaq achieving its eleventh record close of the year.
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