Stock market today: Dow, S&P 500 jump while Nvidia, Alphabet tumble

Published On Nov 21, 2024, 1:12 PM

US stocks experienced volatility as investors adjusted to Nvidia's earnings report, which showed strong profits but a forecast for slower revenue growth due to supply chain issues. In contrast, Alphabet's shares dropped over 6% following a Department of Justice proposal to sell off its Chrome browser. The tech sector faced broader sell-offs, while the Dow and S&P 500 gained modestly. Bitcoin spiked to a new record high close to $98,000 amid speculation of a crypto-friendly political environment, particularly regarding President-elect Trump. Jobless claims fell, indicating potential economic strength which traders are monitoring for the Federal Reserve's stance on interest rates.

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Stock Forecasts

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Negative

Nvidia's earnings have shown strength but projections for slowing revenue growth may temper immediate enthusiasm. The stock may be impacted by supply chain constraints, but continued dominance in AI chip-making suggests there could be upside in the long-term as competition is limited. Investors should consider short-term volatility due to profit-taking after its rally. On the other hand, Bitcoin's rising price reflects speculation around a favorable regulatory environment under the new administration, making it a potentially attractive asset in the short-term.

GOOGView GOOG chart on TradingView

Negative

Alphabet faces significant headwinds following DOJ actions that could disrupt its market position, particularly with the forced sale of Chrome. This could lead to a longer-term decline in revenue and market share as competition intensifies. The market reaction may continue to weigh on its stock performance. Investors may want to approach Alphabet cautiously in the near term.

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