Stock market today: S&P 500 eyes 6,000 mark as Wall Street heads for best week in a year

Published On Nov 8, 2024, 10:33 AM

U.S. stocks are nearing record highs, boosted by optimism from recent election results and a Federal Reserve interest rate cut. The S&P 500 gained 0.3% while the tech-heavy Nasdaq experienced some volatility, primarily due to a disappointing stimulus package from China. Corporate highlights include a significant profit increase for Sony and positive streaming earnings from Paramount, although overall revenue fell short. Trump's comments regarding his shares in Trump Media & Technology Group sparked a temporary surge in its stock price.

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Stock Forecasts

SONYView SONY chart on TradingView

Positive

Sony has reported a strong quarterly profit, significantly boosting investor confidence in its operational outlook. This positive performance likely supports a continued upward trend in the stock price as the entertainment segment shows resilience.

DJTView DJT chart on TradingView

Negative

The fluctuations in Trump Media & Technology Group stock highlight the volatility tied to political events and announcements. While there was a recent surge, the stock remains susceptible to further political developments and market sentiments regarding Trump's upcoming term.

NVDAView NVDA chart on TradingView

Positive

Despite Nvidia's recent boost from market euphoria, it is now a Dow component, which historically stabilizes stock prices. Given its significant market cap, Nvidia is likely to benefit from increased institutional interest and future growth prospects in the AI sector, predicting a positive trajectory.

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