Stock market today: S&P 500, Dow rise as Wall Street eyes a new year comeback
Published On Jan 2, 2025, 9:51 AM
The stock market began the new year positively with the S&P 500 gaining 0.5% and the Dow Jones Industrial Average up by 0.6%. Despite a lackluster finish at 2024's end, market sentiment is optimistic for a comeback year, particularly due to renewed interest in major tech stocks such as Nvidia, Amazon, and Meta, driven by advances in artificial intelligence. Tesla's stock dropped over 6% after reporting its first decline in annual deliveries, alongside competition concerns for Apple and Alibaba.
Stock Forecasts
SPY
Positive
With the favorable outlook for tech stocks and a general market recovery anticipated, investors can expect to see growth in major indices and tech stocks. However, recent concerns around Tesla's delivery numbers may weigh down its stock in the short term.
NVDA
Positive
Nvidia has shown resilience in its stock performance, driven by AI developments and a strong market position. Given the positive sentiment in tech, Nvidia is likely to see continued growth as demand for its products remains high.
TSLA
Negative
Tesla's current challenges related to vehicle delivery numbers and competitive pricing pressures may lead to short-term stock declines. Investors should be cautious, as the market reacts to these developments.
AAPL
Negative
Apple's stock is under pressure due to competition and discounting strategies in China. This may lead to a continued negative trajectory unless the company can regain its pricing power and market share.
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