Wall Street Continues Tech-Driven Rally as Nvidia Earnings Loom

U.S. Stock Market Update

February 25, 2024

Key Highlights:

• All three major U.S. stock indexes rose, with the Nasdaq experiencing the largest percentage gain.
• The Dow Jones Industrial Average rose 0.58% to 49,459.01, the S&P 500 gained 0.78% to 6,944.01, and the Nasdaq Composite gained 1.24% to 23,147.19.
• Nvidia is expected to post year-on-year earnings growth of 72.2% on revenue of $66.2 billion, according to analyst estimates.

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Sector Performance:

• Tech stocks led the percentage gainers, while real estate stocks suffered the steepest loss.
• The S&P Software & Services index jumped 2.8%, bouncing back from its 23% year-to-date slump.
• The Philadelphia SE Semiconductor index was up 1.8% ahead of Nvidia's earnings.

Company Updates:

• Axon Enterprise jumped 18.1% after beating fourth-quarter profit estimates.
• Lowe's Companies dipped 4.5% on weak revenue forecasts, dragging housing stocks down.
• GoDaddy tumbled 15.5% after forecasting annual revenue below Wall Street expectations.

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Market Activity:

• Advancing issues outnumbered decliners by a 1.56-to-1 ratio on the NYSE.
• There were 489 new highs and 87 new lows on the NYSE.
• The S&P 500 posted 46 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 114 new highs and 90 new lows.