Stock Market Today: Dow Opens Lower, Nvidia Leads Nasdaq Rise ...
Call it the Nvidia effect.
The tech-heavy Nasdaq rallied after Nvidia’s earnings smashed Wall Street expectations, a sign that interest in artificial intelligence is still intensifying. The chip maker’s shares were higher in morning trading.
Meanwhile, new data this morning gave mixed signals on the economy. Orders for long-lasting manufactured goods in August saw the steepest slump since April 2020. But unemployment filings remained near historic lows, despite the Federal Reserve's tightening.
The Fed's Jackson Hole Symposium officially kicks off today, and Fed Chair Jerome Powell is due to speak Friday. Investors will be watching for any insight into the potential path for interest rates.
In recent trading:
Stocks rose. The Nasdaq Composite, S&P 500 and Dow industrials all advanced.
The 10-year Treasury yield rebounded after falling to 4.197% on Wednesday.
Nvidia shares gained. Options traders bet on a big swing after the chip maker's earnings. Their wagers were looking prescient early on.
Dollar Tree's stock fell. It was the latest retailer to report quarterly results that raised concerns about the health of consumer spending.
The Stoxx Europe 600 index pared gains, while Asian indexes mostly closed higher.
A mammoth rate hike in Turkey boosted investors' confidence.
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