Stock market today: Dow, S&P 500 head for record high, Nasdaq jumps as Nvidia surges
Published On Oct 14, 2024, 10:39 AM
US stock markets are trending towards record highs, driven mainly by a significant increase in Nvidia shares. The S&P 500 has risen by 0.7% and the Nasdaq climbed 0.8%, while the Dow Jones increased by 0.3%. Investor optimism is bolstered by strong performance from major tech companies, particularly in the semiconductor sector, as big banks prepare to release their earnings for the third quarter. The market anticipates these earnings will support the ongoing rally, even amidst worries regarding potential Federal Reserve interest rate cuts. Meanwhile, Boeing's stock dropped nearly 3% due to ongoing challenges, including a large number of job cuts and strikes affecting production.
Stock Forecasts
NVDA
Positive
Nvidia's trajectory continues to rise due to strong demand for its chips and anticipation of robust earnings announcements. The company's initiative to remain the most valuable company in the world by market cap, along with a projected revenue increase of 82%, suggests continued strong performance. Given these factors, investors may consider this stock a positive opportunity in the near term.
SOFI
Negative
SoFi Technologies has seen a strong uptick in its stock price following a significant deal intended to diversify its operations. However, analysts predict a price drop in the coming months based on mixed ratings from Wall Street. Despite a recent rally, potential investors should be cautious as predictions suggest the stock may not sustain this momentum.
BA
Negative
Boeing faces numerous headwinds due to layoffs, strikes, and substantial financial losses, leading to bearish sentiment around its stock. With ongoing uncertainties affecting its production and profitability, this stock holds a negative outlook based on current conditions.
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