Wall Street Today: S&P 500, DJIA and Nasdaq Composite All Rise on Strength for Techs Like Dell, Oracle and AMD
The Nasdaq Composite, S&P 500 and Dow-30 all rose Wednesday for the fourth straight session as Dell, Oracle, AMD and other select Big Techs continued to strengthen after weeks of generally declining prices.
The $Nasdaq Composite Index (.IXIC.US)$ gained 189.10 points (0.8%) to a 23,214.69 close, while the $S&P 500 Index (.SPX.US)$ added 46.73 ticks (0.69%) to 6,812.61 and the $Dow Jones Industrial Average (.DJI.US)$ gained 314,67 points (0.67%) to 47,427.12.
Stocks rose amid a quiet, relatively low-volume session preceding the U.S. Thanksgiving holiday, which will see Wall Street remain closed on Thursday. Stocks will also only trade for half of the day on Friday.
The key indexes gained ground Wednesday on strength for certain Big Techs as the sector continued to partly rebound from weeks of a slow downward trajectory.
Big Techs have been generally sliding since early November, when $Palantir (PLTR.US)$ fell despite reporting better-than-expected earnings and forward guidance.
The tech darling's decline amid seemingly good news awakened fears that Big Techs might have simply gotten too expensive to go higher. Key tech stocks have traded choppily but mostly lower since then.
However, some Big Tech gained ground on Wednesday. The sector's major winners included $Dell Technologies (DELL.US)$ (up 5.8% on well-received earnings and forward guidance), $Oracle (ORCL.US)$ (4% better), $Advanced Micro Devices (AMD.US)$ (3.9% stronger), $Broadcom (AVGO.US)$ (ahead 3.3% after earlier hitting an intraday record high) and $Micron Technology (MU.US)$ (2.6% firmer).
Cryptocurrencies, which have also been grinding lower since early October on a "risk-off" sentiment among investors, likewise partly rebounded on Wednesday.
$Bitcoin (BTC.CC)$ was up 3.6% at $90,330.00 as of shortly after 4:30 p.m. ET, while $Solana (SOL.CC)$added 4.8% to $144.04, $Ethereum (ETH.CC)$ gained 3.3% to $3,029.74 and $Ripple (XRP.CC)$rose 1.8% to $2.23.
Macro
The U.S. Labor Department reported before the bell that initial jobless claims fell to 216,000 in the week ended Nov. 22, down 6,000 from a revised 222,000 the week before.
The latest reading represented the lowest number of initial claims since mid-April, as well as less than the 225,000 that economists had expected.
Wall Street will be closely watching U.S. employment and inflation numbers between now and the next Federal Reserve policy meeting on Dec. 9-10 to gauge whether the central bank will cut rates further. The Fed tries to balance unemployment and inflation risk in setting its benchmark Federal Funds rate.
The CME FedWatch tool put the odds of a 25-point cut to the rate at 84.9% as of Wednesday afternoon, up from just 30.1% a week ago before several Fed members seemed to speak favorably about further easing.
Wall Street generally likes Fed cuts because they tend to lower bond and money-market yields, often driving more money into stocks (and boosting equity prices) as investors seek out better returns.
Moo-vers
The "Magnificent Seven" stocks took their cue from the broad market Wednesday and ended mixed, but mostly higher.
$Microsoft (MSFT.US)$ led the Mag-7's gainers, up 1.8%. $Tesla (TSLA.US)$(1.7% higher) and $NVIDIA (NVDA.US)$ (1.4% firmer) followed closely behind, while $Apple (AAPL.US)$gained 0.2% to set its third straight record-high close.
Conversely, $Alphabet-C (GOOG.US)$ led the Mag-7 decliners – falling 1.1% after setting its own record-high closes in each of the past three sessions. Other Mag-7 stocks to lose ground Wednesday included $Meta Platforms (META.US)$ (off 0.4%) and $Amazon (AMZN.US)$ (0.2% weaker).
Elsewhere on Wall Street, Wednesday's noteworthy percentage decliners included:
-- $Reddit (RDDT.US)$, down 5%. The social-media giant pulled back after rising 20.1% over the previous three sessions.
-- $Ondas Holdings (ONDS.US)$, 2.4% weaker. The security-oriented drone-and-wireless firm fell for a second day following a nearly 30% rise Monday on a deal to buy unmanned-ground-vehicle maker Robo-Team Holdings.
Meanwhile, Wednesday's major percentage gainers included:
-- $Beyond Meat (BYND.US)$, up 19%. The meat-alternatives firm and meme stock continued an uneven rebound after falling 89.5% between its Oct. 22 intraday high and its Oct. 21 intraday low.
-- $Oscar Health (OSCR.US)$, 8.6% better. The health-insurance platform rose for a fourth straight session on reports that U.S. President Donald Trump is considering extending COVID-era subsidies on policies that many Americans buy under the so-called Obamacare system.
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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