On Wednesday afternoon, the stock market maintained a moderate level of growth despite a stumble from Nvidia after its earnings report. Indexes traded about the middle of the day’s price ranges, with the Nasdaq composite up 0.6% and the S&P 500 climbing 0.4%. Nvidia’s loss was pared to 2% and shares are now near the 476.09 buy point of a double-bottom base.
Late Tuesday, the chip designer exceeded October-quarter expectations due to the rising sales of artificial intelligence processors for data centers. The company’s guidance for the current quarter also surpassed expectations. On the Dow Jones Industrial Average, Microsoft, Apple, and Boeing helped lift the index, with Microsoft climbing to a record high following the return of OpenAI’s co-founder, Sam Altman.
Apple also rose 0.6% and regained a $3 trillion market cap in the afternoon trading session. Boeing rose 0.9% after the Federal Aviation Administration (FAA) authorized flight tests for its MAX-10 jetliner program. Small caps also experienced an increase in the Russell 2000 index. Only one stock, Palo Alto Networks, was breaking out by climbing above the 265.90 buy point of a flat base.
The stock market saw some economic data and earnings reports guiding its trading ahead of the Thanksgiving holiday. The University of Michigan’s consumer sentiment index climbed to 61.3 from 60.4 in October, and jobless claims fell to 209,000. However, durable goods orders fell 5.4% in October, worse than economists had expected.
The energy sector was Wednesday’s weakest in the stock market, with the price of U.S. crude oil continuing to fall to $76.25 per barrel. Among individual companies, Urban Outfitters, Guess, Deere, and Autodesk experienced declines in their stock prices.
Overall, the stock market remained moderately higher during the afternoon trading session, despite some key players stumbling after their earnings reports. While the outlook suggests potential for a pullback, the stock market continues to show resilience and potential for growth.