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

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 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.

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.

Related News

Nvidia stock is aiming to notch a new all-time high as the AI boom shows no sign of slowdown.

Stocks are upbeat as Nvidia heads for a fresh record high, with the next batch of big bank earnings in focus.

Nvidia stock is aiming to notch a new all-time high as the AI boom shows no sign of slowdown.