Stock market today: Nasdaq surges as Nvidia, Amazon lead tech rally ahead of Fed decision

Published On Nov 7, 2024, 11:21 AM

U.S. stocks continued their rally following Donald Trump's election victory, with the S&P 500 gaining 0.3%, the Nasdaq up 0.5%, and the Dow remaining nearly flat. Investors are optimistic about Trump's potential corporate tax cuts and deregulation plans, which could boost the economy and support stock prices. The Federal Reserve is expected to announce a 25 basis point interest rate cut, which could further influence market movements. Some stocks, like Nvidia and Amazon, reached new highs, while Lyft shares surged after a strong earnings report. In contrast, Trump Media & Technology Group's stock fell sharply after initial gains.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

The recent rally in stocks is driven by positive investor sentiment towards Trump's presidency and potential rate cuts by the Fed. Stocks that capitalize on this trend, such as NVDA and AMZN, are likely to continue performing well. However, DJT is experiencing a correction after its rapid rise, indicating potential volatility ahead.

LYFTView LYFT chart on TradingView

Positive

As Lyft expands its business model and reports strong earnings, it appears to be recovering its market position. Despite the cautious analyst sentiment, the growth potential could drive its stock higher in the near term post-earnings.

AMZNView AMZN chart on TradingView

Positive

With the Fed expected to cut rates and continued enthusiasm in the tech sector, both Nvidia and Amazon are positioned to see their stock prices rise further, given their recent performance and optimistic outlooks.

DJTView DJT chart on TradingView

Negative

Despite initial hype surrounding Trump Media & Technology Group, the stock has shown instability. The recent drop suggests ongoing uncertainty that may lead to further declines, especially in a market characterized by rapid shifts in sentiment.

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