Stock market today: Tech, Nvidia lead stocks higher as oil prices retreat, China rally stalls

Published On Oct 8, 2024, 1:05 PM

U.S. stocks experienced a rebound on Tuesday, driven by a recovery in technology shares and a decline in oil prices, which alleviated concerns about inflation and interest rates. The Nasdaq Composite rose by about 1.2%, with major tech companies like Amazon, Apple, and Alphabet gaining ground. Nvidia saw substantial gains, increasing by 4% due to strong AI demand. Conversely, oil prices declined significantly after the Chinese government did not announce a new stimulus package, disappointing market expectations. Analysts are closely watching the upcoming inflation data report and how it might influence Federal Reserve interest rate policies. PepsiCo, however, reported a quarterly revenue drop and lowered its 2024 sales outlook, affecting its stock negatively.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

Given the recent positive trend in technology stocks and the potential for further gains following a period of economic stability, investing in tech stocks such as Nvidia (NVDA) looks promising. The strong demand for AI technology could continue to drive Nvidia's growth, making it a favorable investment opportunity.

PEPView PEP chart on TradingView

Negative

PepsiCo's lowered sales outlook and struggles in North America reflect underlying challenges in consumer spending, which might result in a negative trend for its stock. Given these circumstances, investors might consider a cautious position or miss out on potential gains in this sector.

SPYView SPY chart on TradingView

Positive

The overall investor sentiment in tech stocks offers an opportunity for a broader index like the S&P 500 (SPY) to benefit from these gains. Although earnings season might lead to muted reactions, the potential for growth in tech-heavy indices is significant.

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