NEW YORK: The Nasdaq ended more than 1% higher and the S&P 500 also rose on Monday (Aug 21), with shares of Nvidia jumping as investors were optimistic ahead of its earnings this week, and other technology-related stocks gaining.
The Dow Jones Industrial Average fell 36.97 points, or 0.11%, to 34,463.69, the S&P gained 30.06 points, or 0.69%, to 4,399.77 and the Nasdaq gained 206.81 points, or 1.56%, to 13,497.59.
The yield on 10-year Treasury notes hit highs last seen during the Great Financial Crisis in 2007 as investors looked warily towards a meeting of central bankers who convene on Thursday at Jackson Hole in Wyoming. Federal Reserve chair Jerome Powell is due to speak on Friday.
The technology sector gave the biggest boost to the S&P 500 and Nasdaq, while an index of semiconductors advanced 2.8%.
Nvidia rose 8.5%, leading gains among semiconductor stocks, as HSBC raised its price target on the stock to US$780, the second highest on Wall Street.
Nvidia, one of the biggest winners in this year’s artificial intelligence tech stock rally, is expected to forecast quarterly revenue above analysts’ estimates when it reports late on Wednesday. Nvidia’s stock is up more than 220% for the year so far, while the Nasdaq is up 29%.
“Nvidia is considered the brand for AI,” said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. “Their targets have been lifted dramatically, so the question is, can they deliver ... a catalyst coming in with Nvidia would be extremely helpful.”
At the same time, she said, investors are anxious to hear Powell’s comments at Jackson Hole. Concerns the Fed will keep interest rates higher for longer have pushed up US Treasury yields, and fanned worries about the impact of higher rates on businesses and consumers. – Reuters
Source: The Sun Daily
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