Quick brief – Tech stocks drive Wall Street to fresh highs
- S&P 500 advances to all-time high; Nasdaq 100 gains the most
- Tech stocks cheer on China’s stimulus news as AI optimism prevails
Wall Street celebrated Columbus Day with fresh highs, with the Nasdaq 100 trading almost 1.0% up at a three-month high of 20,493 and the S&P 500 index surging 0.50% to unlock an all-time high of 5,840.
Bank stocks excluding Goldman Sachs could not attract fresh impetus following Friday’s encouraging earnings from JPMorgan and Wells Fargo, while Tesla’s stock was on the back foot as well after Elon Musk’s unveiling of robotaxi could not provide enough insight on the technology and timeline. Boeing suffered more losses after it announced a 10% workforce reduction.
On the other hand, tech stocks took the lead with a 1.5% surge as China’s stimulus updates renewed investors’ AI appetite.
Nvidia is close again to unseating Apple as the world’s most valuable company with a record high above June’s top of $140.76. There were some concerns about production delays until the company announced that its Blackwell chips are in full production and demand is insane, putting its stock back in an uptrend at the beginning of October.
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
