Stock Market Today: 2024 Nasdaq clinches record close as tech reigns supreme

Stock Market Today:2024 Nasdaq clinches record close as tech reigns supreme



Nasdaq rallied to a record close Friday, ending the week with a win as a Nvidia-led surge fueled bullish bets on stocks offsetting jitters about higher longer interest rates ahead of the long holiday weekend.

At 16:00 ET (20.00 GMT), NASDAQ Composite gained 1.1% to a closing record of 16,920.79, the Dow Jones Industrial Average rose 4 points, or 0.01%, S&P 500 rose 0.7%.


Tech leads charge as Nvidia continues soak up the glory

Tech led the market higher as investors bought the dip in big tech stocks a day earlier and continued to add bullish bets on chipmaker NVIDIA Corporation (NASDAQ:NVDA) following the latter’s bumper first-quarter earnings report.

“We remain all in on the AI Age and note Nvidia’s revenues tripled Y/Y while net profits rose 7 fold – 7 fold in one year,” Jay Pelosky, TPW Advisory principal and founder said Friday.

Rate jitters continue as Goldman pushes back rate cut bet to September

Analysts at Goldman Sachs have pushed back their forecast for the first Fed rate cut to September from July following a slew of Fed speak that flagged concerns about that the path of inflation toward the 2% target will likely take longer than expected.

Concerns about inflation were eased somewhat following a fall in the University of Michigan survey’s 12-month inflation expectation to 3.3% from 3.5% previously.

The widely-watched CME Fedwatch tool indicated a roughly 45% chance that the Fed brings rates down from a more than two-decade high level of 5.25% to 5.5% in September.

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