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Wall Street closed with a mixed performance on Monday as investors awaited crucial inflation data, which could influence the Federal Reserve's interest rate decisions. NVIDIA market value surpassing Amazon added to the market dynamics. The Dow index concluded in positive territory, contrasting with the Nasdaq and S&P 500, which ended in the negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.4%, or 135.76 points, to close at 38,807.45. Notably, 11 components of the 30-stock index ended in negative territory, while 19 were in green.
The tech-heavy Nasdaq slid 0.3% or 42.74 points to finish at 15,947.92. The tech-laden index reached its intraday all-time high of 16,212.23 hit in November 2021.
The S&P 500 fell 0.1% to end at 5,022.49. Three out of the 11 broad sectors of the benchmark ended in negative territory, while eight were in the positive zone. The Technology Select Sector SPDR (XLK), the Real Estate Select Sector SPDR (XLRE) and the Consumer Discretionary Select Sector SPDR (XLY) declined 0.8%, 0.3% and 0.1%, respectively, while the Energy Select Sector SPDR (XLU) gained 1.1%.
The fear-gauge CBOE Volatility Index (VIX) increased 7.7% to 13.93. A total of 11.14 billion shares were traded on Monday, lower than the last 20-session average of 11.72 billion. The S&P 500 posted 53 new 52-week highs and no new lows, and the Nasdaq Composite recorded 344 new highs and 53 new lows.
Markets Wait for Key Inflation Data
Investors are eagerly awaiting key inflation data, including the consumer price index, which is to be released on Tuesday morning. These important inflation figures are expected to provide investors with insights into the Federal Reserve’s decisions regarding the interest rate. This week also brings data on industrial production, retail sales, consumer sentiment, housing starts and the producer price index. According to data from the CME Group, market expectations indicate an 85% probability that the Federal Reserve will maintain rates in March but a 60% chance of a rate cut in May.
Nvidia Beats Amazon in Market Value
NVIDIA Corporation (NVDA - Free Report) briefly surpassed Amazon.com, Inc. (AMZN - Free Report) in market value on Monday, marking a milestone fueled by demand for its AI chips. With a valuation of $1.78 trillion, Nvidia edged ahead of Amazon's $1.79 trillion. This surge reflects Nvidia's pivotal role in AI computing. Despite Amazon's strong Q4 performance, Nvidia's rally underscores the growing significance of semiconductor companies in tech. Nvidia has accrued approximately $600 billion in market value so far this year, surpassing its gains from the last seven months of 2023. The company's earnings report is set to be released on Feb 21, 2024.
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Stock Market News for Feb 13, 2024
Market News
Wall Street closed with a mixed performance on Monday as investors awaited crucial inflation data, which could influence the Federal Reserve's interest rate decisions. NVIDIA market value surpassing Amazon added to the market dynamics. The Dow index concluded in positive territory, contrasting with the Nasdaq and S&P 500, which ended in the negative zone.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.4%, or 135.76 points, to close at 38,807.45. Notably, 11 components of the 30-stock index ended in negative territory, while 19 were in green.
The tech-heavy Nasdaq slid 0.3% or 42.74 points to finish at 15,947.92. The tech-laden index reached its intraday all-time high of 16,212.23 hit in November 2021.
The S&P 500 fell 0.1% to end at 5,022.49. Three out of the 11 broad sectors of the benchmark ended in negative territory, while eight were in the positive zone. The Technology Select Sector SPDR (XLK), the Real Estate Select Sector SPDR (XLRE) and the Consumer Discretionary Select Sector SPDR (XLY) declined 0.8%, 0.3% and 0.1%, respectively, while the Energy Select Sector SPDR (XLU) gained 1.1%.
The fear-gauge CBOE Volatility Index (VIX) increased 7.7% to 13.93. A total of 11.14 billion shares were traded on Monday, lower than the last 20-session average of 11.72 billion. The S&P 500 posted 53 new 52-week highs and no new lows, and the Nasdaq Composite recorded 344 new highs and 53 new lows.
Markets Wait for Key Inflation Data
Investors are eagerly awaiting key inflation data, including the consumer price index, which is to be released on Tuesday morning. These important inflation figures are expected to provide investors with insights into the Federal Reserve’s decisions regarding the interest rate. This week also brings data on industrial production, retail sales, consumer sentiment, housing starts and the producer price index. According to data from the CME Group, market expectations indicate an 85% probability that the Federal Reserve will maintain rates in March but a 60% chance of a rate cut in May.
Nvidia Beats Amazon in Market Value
NVIDIA Corporation (NVDA - Free Report) briefly surpassed Amazon.com, Inc. (AMZN - Free Report) in market value on Monday, marking a milestone fueled by demand for its AI chips. With a valuation of $1.78 trillion, Nvidia edged ahead of Amazon's $1.79 trillion. This surge reflects Nvidia's pivotal role in AI computing. Despite Amazon's strong Q4 performance, Nvidia's rally underscores the growing significance of semiconductor companies in tech. Nvidia has accrued approximately $600 billion in market value so far this year, surpassing its gains from the last seven months of 2023. The company's earnings report is set to be released on Feb 21, 2024.
Consequently, the stock price of Nvidia rose 0.2%. Nvidia currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.