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Wall Street Today | S&P, Nasdaq Rise as Apple, Nvidia Rally

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Moomoo Recap US wrote a column · Apr 11 15:43
Wall Street Today | S&P, Nasdaq Rise as Apple, Nvidia Rally
RECAP
Stocks ended mostly higher Thursday as a rebound in $Apple(AAPL.US)$, $NVIDIA(NVDA.US)$ and some other tech stocks offset a lack of enthusiasm that Wall Street had shown earlier in the session toward softer-than-expected wholesale-inflation data.
The $Nasdaq Composite Index(.IXIC.US)$ led the way higher, gaining 271.84 points (1.7%) to a 16,442.2 close. The $S&P 500 Index(.SPX.US)$ likewise gained 38.42 ticks (0.7%) to 5,199.06, but the $Dow Jones Industrial Average(.DJI.US)$ shed 2.43 points (0.01%) to 38,459.08.
That offset a lack of enthusiasm for a seemingly inflation-friendly March Producer Price Index released before the bell. Higher inflation could prevent the Fed from cutting its benchmark Federal Funds rate, a move many equities investors are hoping to see. Lower interest rates historically benefit stocks by making bonds and money-market funds less attractive.
Wall Street Today | S&P, Nasdaq Rise as Apple, Nvidia Rally
MACRO
The latest PPI report showed wholesale inflation rising 0.2% for the month – lower than the 0.3% analysts had expected. Still, the PPI's annual rate came in at 2.1%, its highest reading in a year.
The PPI numbers had failed to sooth investor concerns that sent stocks lower Wednesday after the March Consumer Price Index – which measures retail inflation -- came in at 3.5% vs. the 3.4% that analysts were expecting.
SECTORS
Oil futures finished lower, after the Energy Information Administration on Thursday reported a larger-than-expected weekly rise in U.S. supplies of the commodity. That helped fuel speculation from analysts about a potential supply surplus.
Crude has been on a recent uptrend amid mounting tensions in the Middle East that threaten to derail supply. Investors were gauging the risks for Iranian attacks in retaliation for a strike on the country's embassy in Syria that was attributed to Israel.
Wall Street Today | S&P, Nasdaq Rise as Apple, Nvidia Rally
MOVERS
Apple Shares Rise
$Apple(AAPL.US)$ shares advanced after a Bloomberg report that the company is seeking to give its sluggish computer sales a boost from in-house processors designed to highlight artificial intelligence. Apple, which prepares to overhaul its entire Mac line, is nearing the production of the next generation M4 processor, the report said, citing people with knowledge of the matter.
Morgan Stanley Tanks
$Morgan Stanley(MS.US)$ shares tanked after the Wall Street Journal reported the Securities and Exchange Commission, The Bureau of Treasury, and the Office of the Comptroller of the Currency are investigating how bank vet wealthy clients.
Regulators are allegedly looking into whether Morgan Stanley has been adequately investigating prospective client identities and the sources of their wealth, the Journal reported, citing people familiar with the matter.
Rivian Hurt by Ford Price Cuts
$Rivian Automotive(RIVN.US)$ shares tumbled 6.8% amid a price cut by $Ford Motor(F.US)$ for its all-electric F-150 Lighting pickup trucks by $5,500. Ford's all-electric F-150 Lightning competes with Rivian's R1T, even though an F-150 is a larger vehicle, Barron's reported.
Wall Street Today | S&P, Nasdaq Rise as Apple, Nvidia Rally
Source: Bloomberg, Dow Jones, CNBC, Reuters
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