Wall Street saw a rebound on Wednesday as the Dow Jones Industrial Average gained 0.3% and surpassed its 21-day moving average, driven in part by positive earnings from artificial intelligence leader Nvidia (NVDA). The company’s third-quarter revenue nearly doubled to $35.1 billion, beating views for $33.2 billion.
Meanwhile, bitcoin continued its upward trend, reaching a new high of over $94,000. This comes as President-elect Donald Trump prepares to return to the White House, sparking interest in cryptocurrencies. Other tech stocks, such as Palo Alto Networks (PANW) and Snowflake (SNOW), also saw significant gains after their earnings reports.
In contrast, some retailers like Target (TGT) and Williams-Sonoma (WSM) suffered losses due to disappointing quarterly reports. The Nasdaq’s smaller-cap counterparts, the Russell 2000, were down just 0.2% as they retested their 21-day moving average.
Despite these mixed results, investors remain optimistic about Nvidia’s prospects, with shares currently in a buy zone above its 21-day line. The company’s earnings report also sparked interest in other tech stocks, including Keysight Technologies (KEYS), which surged after beating estimates.
Source: https://www.investors.com/market-trend/stock-market-today/dow-jones-sp500-nasdaq-nvidia-earnings-nvda-ai-stock