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

On Wednesday, US stocks saw significant gains, with all major indexes recording new all-time closing highs, driven by a strong performance in the tech sector. Federal Reserve Chair Jerome Powell announced that the US economy is doing very well and hinted at potential interest rate cuts in December. Companies like Salesforce, Amazon, and Nvidia witnessed stock surges owing to strong earnings and optimistic growth forecasts, while Foot Locker faced a downturn after cutting its guidance due to decreased consumer demand.

Stock Forecasts

The tech sector is experiencing strong momentum due to favorable economic conditions and investor confidence in earnings growth, particularly in AI-related companies. Salesforce's significant revenue bump indicates strong demand for its products, and Amazon's stock could continue rising with continued support for its cloud services and AI innovations.

Nvidia's continued growth in the AI hardware market and its nearing record highs suggest future bullish momentum, as ongoing demand for AI technologies is expected to propel revenue and stock performance higher.

Salesforce's strong quarterly results suggest solid growth in AI services, indicating a positive outlook for its stock, particularly as demand for cloud-based solutions continues to rise.

Foot Locker's stock decline following revised guidance suggests caution, as the retailer faces weakening consumer demand and increased competition in the footwear market. This may lead to continued downward pressure on its stock price.

Related News

Fed Chair Jerome Powell's speech looms large as investors calculate the odds of a December rate cut.

AMZN
NVDA
FL

Foot Locker shares sank on Wednesday after the sports retail company lowered its full-year sales and earnings outlook. Total sales for the quarter slipped 1.4% to $1.96 billion.

The District of Columbia’s attorney general said the company deliberately outsourced Prime member deliveries in certain ZIP codes.