In today’s stock market, the Dow Jones Industrial Average saw an increase as Microsoft (MSFT) rose in anticipation of its upcoming AI event. On the other hand, Nvidia (NVDA) saw a rise following bullish analyst calls and China EV stock Li Auto (LI) experienced a decline due to results that fell short of expectations, while Tesla (TSLA) also saw a drop in stock prices.
There were a few stocks that were attempting to break out, such as Abercrombie & Fitch (ANF), Archrock (AROC), and Valaris (VAL) as they tested buy points.
Overall, the stock market started on a positive note with the Dow Jones rallying out of negative territory and rising by 0.2%. The Nasdaq composite also saw a 0.6% increase, with Micron Technology (MU) and Moderna (MRNA) being top performers.
In the S&P 500, Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL) both stood out with notable gains. Sectors such as technology, industrials, and communications services did well, while consumer discretionary and energy sectors lagged.
Small-cap stocks, particularly the Russell 2000, made good progress, with growth stocks performing better as well. Dow Jones saw strong performances from Microsoft and Caterpillar, while Cisco Systems and Home Depot were among the biggest losers of the day.
In terms of EV stocks, Li Auto faced a decline after missing earnings expectations and providing disappointing guidance. Meanwhile, Tesla saw a slight dip in stock prices. Nvidia stock saw a rise after receiving multiple price target hikes, positioning it in a buy zone ahead of its earnings report.
Finally, industry groups observed strong performances from semiconductor equipment, data storage firms, and toy stocks, while electronic consumer products companies, medical supplies plays, drugstores, and specialty retailers underperformed. Abercrombie & Fitch, Archrock, and Valaris were also in focus as they tested buy points.
