Major stock indexes faded off highs after the February jobs report came in stronger than expected for the second straight month. Nvidia stock outperformed in early trading, one day after Mizuho lifted Nvidia’s price target to 1,000. However, the early gain faded to a loss of more than 3% in afternoon trading.
Nvidia stock is exhibiting characteristics of a climax top, indicating a potential near-term pullback. The iShares Russell 2000 ETF was up 1.6% intraday, but the gain faded to around 0.4%. Top price gainers in the market included Salesforce, which added just over 1%. Apple led the index with a gain of around 2%.
Broadcom slumped more than 6% despite a strong earnings report and positive forecast. Several AI-related stocks also saw gains fade in afternoon trading. Inside the MarketSurge Growth 250, Samsara surged more than 13% after reporting strong earnings and revenue guidance.
The Nasdaq and S&P 500 hit record highs early but turned slightly lower later in the day. The Dow Jones edged up slightly. Bitcoin-related stocks outperformed, while Costco and MongoDB plunged after reporting earnings. Square parent Block gave an early buy signal with a 4% move higher.
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