US stock market = S&P and Dow reach record high again, Nvidia’s momentum continues | Reuters

2024-02-23 22:15:00

In the US stock market, the S&P 500 and the Dow Jones Industrial Average continued to hit new highs on a closing price basis from the previous day. Photographed on the 6th (2024 Reuters/Brendan McDermid)

NEW YORK (Reuters) – In the U.S. stock market, the S&P 500 (.SPX), opens new tab and the Dow Jones Industrial Average (.DJI), opens new tab hit new highs on a closing price basis following the previous day. . All three major indexes rose on a weekly basis due to continued buying into stocks related to artificial intelligence (AI), which is attracting attention. Semiconductor giant Nvidia (NVDA.O), opens new tab, ended 0.4% higher. The market capitalization exceeded $2 trillion for the first time during trading hours. The company’s market capitalization increased by $277 billion in trading on the 22nd due to strong buying following the sales forecast for the first quarter (February to April) announced on the 21st exceeded market expectations. It was the largest single-day increase in market capitalization in U.S. stock market history.See more

“NVIDIA is one of the key companies contributing to the rise in the Nasdaq Composite and the S&P 500,” said Anthony Sagrimben, chief market strategist at Ameriprise. Although there are concerns related to the postponement of expectations for interest rate cuts by the Federal Reserve Board (Fed), these concerns are being held back as there is an “extremely strong concentration in high-tech giants, especially Nvidia.” He expressed the view that he was being overlooked.

Many of the S&P’s major sectors rose on this day. In addition to public interest (.SPLRCU), opens new tab, materials (.SPLRCM), opens new tab, etc. increased. However, some high-tech stocks have stalled. Apple (AAPL.O), opens new tab, Tesla (TSLA.O), opens new tab and Meta Platforms (META.O), opens new tab fell 0.4-2.8%. Media giant Warner Bros. Discovery (WBD.O), opens new tab fell 9.9%. The quarterly results showed a higher-than-expected loss, which was disappointing. Meanwhile, payment service company Block (SQ.N), opens new tab rose 16.1%. The outlook for adjusted core earnings for the current quarter was positive, as it exceeded market expectations.

The total trading volume on US exchanges was 10.64 billion shares. The average for the last 20 business days was 11.6 billion shares.

This is a provisional value based on LSEG data.Changes from the previous day may not match *US stock market

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