S&P 500, Dow, and Nvidia all finished little higher after the bell

S&P 500, Dow, and Nvidia all finished little higher after the bell

Following the bell, Nvidia's stock increased 6% as the company revealed fiscal first-quarter revenue that above projections, driven by robust demand for its processors, which lead the artificial intelligence (AI) industry.

As investors awaited Nvidia's earnings announcement, which might provide short-term impetus for stocks, the Nasdaq finished down for the third straight session on Wednesday, while the S&P 500 and Dow Jones Industrials saw slight gains. As.

Following the bell, Nvidia's stock increased 6% as the company revealed fiscal first-quarter revenue that above projections, driven by robust demand for its processors, which lead the artificial intelligence (AI) industry.

Nvidia's stock dropped 2.85% throughout the day, compounding the chip maker's more than 4% drop the day before.

After rising by around 240%, Nvidia's stock has increased by almost 40% this year, making it the largest gainer on the S&P 500 in 2023. Experts have cautioned that if the corporation took any more action, its high valuation may expose the shares to a precipitous drop. Not a shocking news.

"The excitement and enthusiasm surrounding AI is what's driving it, and Nvidia is undoubtedly the AI darling in the room," said Jason Ware, chief investment officer of Salt Lake City, Utah's Albion Financial Group.

Perhaps because of Nvidia, the markets are a bit concerned. We want an excellent report from Nvidia, the industry leader in this field."

At 4,981.80 points, the S&P 500 finished the day up 0.13%. The Dow Jones Industrial Average increased 0.13% to 38,612.24, while the Nasdaq sank 0.32% to 15,580.87.

The majority of policymakers were worried about the dangers of lowering interest rates too quickly, according to the minutes of the Federal Reserve's January meeting. There was also general ambiguity about how long borrowing costs should stay at their present levels.

The expectation that the Fed won't begin lowering interest rates until June persisted among traders of US short-term interest rate futures after the publication of the minutes.

All 11 of the main S&P sectors had increases, although small ones; the highly weighted technology index fell by 0.76%. Among the winners were energy equities, which increased by 1.86%.

Last week, statistics showing sticky inflation raised fears that the Fed would not be in a haste to slash interest rates, putting a stop to Wall Street's 2024 boom.

The January inflation figure, according to Richmond Fed President Thomas Barkin, complicates future rate decisions.

Palo Alto Networks had a 28.44% decline after predicting weaker third-quarter revenue than analysts had predicted.

Other cybersecurity firms' stock, including those of Zscaler, Fortinet, and CrowdStrike Holdings, performed poorly as well.

Amazon.com advanced, and it will replace Walgreens Boots Alliance, whose stock fell, by joining the Dow Jones Industrial Average the next week.

The problems that preceded the NYSE fall were essentially the same. On the Nasdaq, declining issues outnumbered rising ones 1.73 to 1.

The Nasdaq had 47 new highs and 96 new lows, while the S&P 500 saw 25 new highs and no new lows.

With 10.5 billion shares moved, the volume on U.S. exchanges was very low when compared to the average of 11.7 billion shares for the previous 20 days.