The Dow Jones Industrial Average and the S&P 500 rose Thursday as investors poured into cyclical stocks poised to benefit from an accelerating economy and rotated out of technology shares such as Nvidia, which just reported quarterly earnings.
The Dow Jones Industrial Average gained 604 points, or 1.4%. The S&P added 0.7%, while the tech-heavy Nasdaq Composite edged up 0.3%.
“This is the week where everyone is rethinking the Trump trade,” said Mark Malek, chief investment officer at Siebert. “People are taking it a little more seriously. It’s not enough to just say ‘we think the sector is going to do well’ — you have to have some answers.”
Some of Thursday’s winners included bank stocks like Goldman Sachs, industrials giant Caterpillar and retailer Home Depot. The Russell 2000 Index, viewed as a barometer for small companies and beneficiary of a possible boost to the economy from President-elect Donald Trump, added more than 1.8%.
Investors assessed results for AI-chip juggernaut Nvidia, which was up 190% this year into the results. Shares seesawed even after the company reported better-than-expected third-quarter earnings and issued strong guidance. Some traders attributed the losses to slowing revenue growth from previous quarters, or concerns that the chipmaker didn’t exceed the most optimistic guidance estimate. The stock was last down about 1.4%.
https://www.cnbc.com/2024/11/20/stock-market-today-live-updates.html
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