Stock market today: Nasdaq, Dow, S&P 500 hit records as tech surges, Fed's Powell says economy in 'remarkably good shape'

Published On Dec 4, 2024, 7:12 PM

US stocks experienced a significant rally on Wednesday, hitting record highs across all major indexes after Federal Reserve Chair Jerome Powell commented positively on the strength of the US economy. The Dow Jones rose to over 45,000 for the first time, while the S&P 500 and Nasdaq Composite also saw record closes. Notably, major tech stocks such as Amazon and Apple reached all-time highs, and Nvidia had a strong performance as well. The market is anticipating a rate cut from the Fed in December, which investors are supportive of given the economic indicators. In company news, Salesforce stock surged after a strong quarterly earnings report. Meanwhile, Bitcoin approached a milestone of $100,000 amid regulatory news that positively affects the cryptocurrency sector.

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Stock Forecasts

AMZNView AMZN chart on TradingView

Positive

The strong performance of tech stocks, particularly those focused on artificial intelligence and cloud services, combined with favorable economic indicators, suggests that the tech sector will continue to see upward momentum. Companies with robust earnings reports, like Salesforce, are also likely to keep investor interest high.

NVDAView NVDA chart on TradingView

Positive

Given the Fed's indication of a potential rate cut and the positive outlook on the US economy, high-quality tech stocks such as Apple and Nvidia are expected to perform well. The market's response to Powell's comments suggests a confidence in these companies as leaders in innovation and growth.

FLView FL chart on TradingView

Negative

In contrast, Foot Locker's poor earnings and lowered guidance reflect challenges in consumer spending, particularly in the retail sector. This suggests a bearish outlook for the stock moving forward as they struggle with market conditions.

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