Today in the stock market, major stock indexes showed gains but were off highs after the Nasdaq composite briefly surpassed 18,000 and the S&P 500 crossed the 5,500 level. The Dow Jones Industrial Average, S&P 500, Nasdaq composite, and Russell 2000 all posted gains of 0.2% to 0.4% around midday.
In the Nasdaq 100, semiconductor stocks such as Nvidia, Advanced Micro Devices, Applied Materials, and KLA outperformed, with gains of nearly 2% to 3%. Volume was lower on the Nasdaq compared to the previous Thursday, while the 10-year Treasury reversed higher to around 4.32%.
The IBD 50 index of leading growth stocks saw some outperformers like Mirum Pharmaceuticals and RxSight. However, some growth stocks like First Solar and Embraer came under selling pressure.
In the stock market today, the VanEck Semiconductor ETF jumped nearly 3%, led by Taiwan Semiconductor and Nvidia. The Dow Jones added 0.5%, with the core Personal Consumption Expenditures index meeting expectations. Qualcomm was a top gainer in the Nasdaq 100, up around 4% after getting support at its 50-day moving average.
Overall, the stock market showed some positive momentum with advancers beating decliners on both the NYSE and Nasdaq. Recent IPO Viking Holdings soared to an all-time high, while Protagonist Therapeutics jumped on news it’s joining the S&P SmallCap 600 index. On the downside, Kura Sushi USA slumped ahead of its earnings report.
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