Wall Street Today: DJIA, S&P 500 and Nasdaq Comp Rise as Tesla, Marvell, BTC and ETH Gain
The Dow industrials, S&P 500 and Nasdaq Composite rose Wednesday as Bitcoin, Ethereum and key Big Techs like Tesla and Marvell rallied, while a weak private-sector jobs report boosted hopes for a stock-friendly Fed rate cut.
The $Dow Jones Industrial Average (.DJI.US)$ gained 0.9% to a 47,882.90 close, while the $S&P 500 Index (.SPX.US)$ added 0.3% to 6,849.72 and the $Nasdaq Composite Index (.IXIC.US)$ improved by 0.2% to 23,454.09.
Macro
The three indexes rose for a second straight day as cryptocurrencies and some key tech stocks continued to rebound from the sharp losses that they suffered on Monday.
Both sectors fell that day on a risk-off mood, but risk appetite has apparently recovered some since then.
Key tech stocks to gain ground Wednesday included $Tesla (TSLA.US)$, which rose 4.1% on an analyst's report that the White House will soon announce plans to boost the U.S. robotics industry, which TSLA is beginning to focus on.
$Marvell Technology (MRVL.US)$ also added 7.9% following well-received quarterly results.
Other tech stocks to continue recovering Wednesday following weeks of a general decline included $CoreWeave (CRWV.US)$ (4.4% better), $Oracle (ORCL.US)$ (up 3.3%) and $Palantir (PLTR.US)$ (3.2% stronger).
Beyond tech, key DJIA component $UnitedHealth (UNH.US)$ rallied 4.7% in part on the launch of a new single-stock ETF that focuses on the insurance giant. Wolfe Research also boosted its UNH price target to $375 from a previous $330.
Cryptocurrencies also rose, with $Bitcoin (BTC.CC)$ adding 2% to $92,965.00 shortly before 4 p.m. New York time, while $Ethereum (ETH.CC)$ gained 4.7% to $3,125.13.
And in economic news, payroll processor ADP reported before the bell that U.S. private-sector employers cut 32,000 jobs in November. That was down from the revised 47,000 positions added in October, as well as worse than the 40,000 job gains that economists had expected.
The weak jobs report increased Wall Street's hopes that the Federal Reserve will cut its benchmark Fed Funds rate at next week's policy meeting.
The CME FedWatch tool put the odds of a 25-point cut at 89% as of Wednesday afternoon, up from 88% a day earlier and 66.8% a month ago.
Wall Street typically likes Fed cuts because those tend to lower money-market and bond yields, pushing some investors to buy stocks (and boost stock prices) in a bid to get higher returns.
Moo-vers
Despite gains for Wall Street's key indexes, the "Magnificent Seven" stocks ended mostly lower.
Only two Mag-7 names gained ground – TSLA with its aforementioned 4.1% gain, followed by $Alphabet-A (GOOGL.US)$ (which rose 1.2%).
The rest of the Mag-7 stocks fell, including $Microsoft (MSFT.US)$ (down 2.5%), $Meta Platforms (META.US)$ (off 1.2%), $NVIDIA (NVDA.US)$ (1% weaker), $Amazon (AMZN.US)$ (0.9% softer) and $Apple (AAPL.US)$(which gave back 0.7%).
Elsewhere on Wall Street, Wednesday's significant percentage decliners included:
-- $Pure Storage (PSTG.US)$, which tumbled 27.3%. PSTG sank as word of plans to reinvest revenues into R&D and sales outweighed news that the data-storage firm raised its full-year operating-income forecast and beat analyst forecasts for Q3 revenues.
-- $Netflix (NFLX.US)$, down 4.9%. The streaming giant fell on word that co-founder and Chairman Reed Hastings sold more than $40 million of NFLX stock on Dec. 1.
Conversely, Wednesday's noteworthy percentage gainers included:
-- $Capricor Therapeutics (CAPR.US)$, which soared 371.1%. The biotech rallied on good late-stage results for its cell therapy to treat Duchenne muscular dystrophy in boys and young men.
-- Select crypto stocks, which rose on Wednesday's gains for Bitcoin and other cryptocurrencies. Winners included $Circle (CRCL.US)$ (up 11.4%), $American Bitcoin (ABTC.US)$ (9.1% stronger following a nearly 40% sell-off Tuesday), $IREN Ltd (IREN.US)$ (6.9% firmer), $Robinhood (HOOD.US)$ (6.1% higher), $Bitmine Immersion Technologies (BMNR.US)$ (5.5% better), $Coinbase (COIN.US)$ (ahead 5.2%), $Applied Digital (APLD.US)$ (which added 4.7%) and $Strategy (MSTR.US)$ (3.9% stronger).
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Jerry Kronenberg
Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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