Stock market today: Dow, S&P 500, Nasdaq jump as Nvidia, Tesla lead spark to end losing week
Published On Jan 3, 2025, 4:05 PM
U.S. stocks experienced a rebound on Friday, led by significant gains in technology stocks such as Tesla and Nvidia, with the S&P 500 closing up by 1.3%. Tesla's shares surged more than 8% after reporting record sales in China, while Nvidia rose over 4%. Despite this rally, both the S&P 500 and Dow finished the holiday-shortened week with losses of more than 1%. On the other hand, U.S. Steel faced a 5% drop after President Biden blocked a $14.9 billion takeover bid from Nippon Steel, and Carvana's stock continued to decline following a short-seller report that accused the company of accounting fraud. Additionally, nuclear energy stocks jumped after Constellation Energy secured a record $1 billion contract for nuclear power delivery to federal agencies, signifying increasing interest in low-carbon energy sources.
Stock Forecasts
TSLA
Positive
Tesla's stock is benefiting from a surge in sales in China, indicating strong demand for electric vehicles, which may continue to drive investor confidence and stock performance in the near term.
NVDA
Positive
Nvidia is seeing positive momentum as a leader in AI chips. Analysts remain bullish, projecting significant growth as the artificial intelligence market expands.
X
Negative
US Steel's negative performance is likely to persist due to political obstacles regarding foreign ownership and the general backdrop of decreasing steel demand and prices.
CVNA
Negative
Carvana is facing ongoing scrutiny from a short-seller report that claims fraudulent activities, which could further dampen investor sentiment and push the stock lower as trust erodes.
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