Stock market today: S&P 500, Nasdaq rally as US GDP data, chip stocks lift mood

Published On Sep 26, 2024, 9:33 AM

US stock markets advanced significantly, with the S&P 500 reaching new highs due to positive economic data, particularly a GDP growth of 3% for Q2, and encouraging earnings from Micron Technology. Chip stocks surged as Micron raised its revenue forecast, driven by strong demand for memory chips critical for AI applications. Additionally, China's commitment to fiscal stimulus has bolstered market sentiment, further supported by expectations of potential interest rate cuts by the Federal Reserve.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

The solid performance of chip companies, especially due to Micron's positive earnings and outlook, along with broader positive US economic indicators, suggests a favorable environment for tech stocks. Given the positive sentiment and strong demand in the semiconductor sector, investments in key players like Nvidia and AMD appear promising.

SPYView SPY chart on TradingView

Positive

With the recent boost from favorable economic indicators and the anticipated impact of China's economic stimulus, the overall market sentiment may continue to be positive in the short term. Investors might consider ETFs focusing on technology sectors or broader market indices to capitalize on this upward trend.

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