2024-03-13 01:55:00
“Nvidia” bounces high, and Oracle soars to a new level
US stock indices regained momentum, closing Tuesday’s session higher, as investors digested inflation data, supported by gains in the technology sector.
At the end of trading, the Dow Jones Industrial Average rose 0.60%, or 235 points, to 39,005 points.
The Standard & Poor’s 500 index jumped by 1.10%, or 57 points, to 5,175 points, recording a new close, while the Nasdaq rose by 1.55%, or 246 points, to 16,265 points.
Nvidia and Microsoft shares rose by 7.15% and 2.65%, respectively, while Meta and Oracle shares rose by 3.35% and 11.75%, respectively.
With the rise of Oracle, the company’s founder, Larry Ellison, achieved gains worth $15 billion, following his software company’s shares witnessed their best day in more than two years and closed at a record level of $127.54.
The company’s market value exceeded $350 billion for the first time.
- European stocks
In Europe, the European STOXX 600 index rose 1% to 506.5 points, achieving its seventh record close since the beginning of the year, supported by gains in the automotive, banking, technology and mining sectors.
The British FTSE 100 index rose by 1% to 7,747 points, while the French CAC 40 rose by 0.85% to a record close of 8,087 points, and the German DAX rose by 1.25% to 17,965 points, which is the third record close this month.
In Japan, the Nikkei index settled at 38,797 points, and the broader Topix fell by 0.35%, or 9.59 points, to 2,657 points.
- Inflation data
New US inflation data came in line with expectations, paving the way for investors to resume buying technology names as shares of chipmaker Nvidia rose 5.8%. Microsoft shares also rose by 2.2%, and Meta shares jumped by 3%. Oracle shares rose more than 11% following beating Wall Street earnings estimates.
The Bureau of Labor Statistics said Tuesday that inflation rose 0.4% in February and 3.2% year over year. Economists polled by Dow Jones expected an increase of 0.4% last month and 3.1% on an annual basis, respectively. Core inflation, which excludes food and energy from the headline reading, rose 0.4% in February, compared with expectations for an increase of 0.3%.
- Small business confidence
In addition, US small business confidence unexpectedly declined in February, recording the twenty-sixth consecutive month below the 50-year average (98 points) amid uncertainty regarding the path of future inflation.
The National Federation of Independent Business survey in the United States showed that the value of the small business confidence index decreased during February to 89.4 points from 89.9 in January, recording the lowest level in nine months, and less than expectations of 90.7 points.
23% of small business owners reported that inflation is their most important business issue in operating their business, up three points from last month, replacing labor quality as the top issue.
The data showed a decline in small business owners’ plans to fill vacant jobs, as net plans to create new jobs in the next three months reached a seasonally adjusted rate of 12%, which is the lowest level since May 2020. (Agencies)
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