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Stock Market Today: Dow ekes out win as Alphabet, AMD rally offsets energy slump

Published Dec 06, 2023 06:32PM ET Updated Dec 07, 2023 04:06PM ET
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Investing.com - The Dow closed just higher Thursday as a tech-led rally underpinned by Alphabet and AMD offset losses in energy stocks ahead of the monthly jobs report due Friday.

By 16:00 ET (21:00 GMT), the benchmark S&P 500 had climbed 0.80%, the 30-stock Dow Jones Industrial Average had moved up by 0.2%, or 18 points, and the tech-heavy Nasdaq Composite had risen by 1.4%.

Alphabet leads tech higher as unveiling AI prowess; AMD's AI-chip in focus

Alphabet Inc Class A (NASDAQ:GOOGL) rose more than 5% a day after the company unveiled its latest AI model Gemini. The new multi-model AI system, which understands audio, photos and video, comes as tech giant looks to take the fight to rivals OpenAI, Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META).

Chip stocks also supported the broader tech sector, racking up a nearly 3% gain, underpinned by a surge in Advanced Micro Devices.

Advanced Micro Devices Inc (NASDAQ:AMD) rose more than 9% after launching its new AI chip MI300X as the chipmaker takes the fight to Nvidia (NASDAQ:NVDA).

AMD's management sees"MI300X performance surpassing NVDA H100 for AI workloads," Oppenheimer said in a note.,

C3.ai, Chewy slump on guidance; GameStop unveils plan to buy stocks

Retail investor-favorite C3.ai (NYSE:AI) slumped nearly 11% after the AI application software group guided for a full-year adjusted operating loss of $115 million to $135 million, deeper than its prior forecast of $70 million-$100 million.

Chewy (NYSE:CHWY) shares fell nearly 1% after the online pet-care retailer trimmed its annual sales outlook due to inflationary pressures that have dented customer demand.

GameStop (NYSE:GME) shares were 10% higher after approving a plan to amend its investment policy, allowing the video game retailer to invest in equity securities. The news overshadowed quarterly results that missed on the top line.

Labor market data in focus ahead of nonfarm payrolls

Data on Thursday showed that the number of Americans who filed for first-time unemployment aid came in at seasonally-adjusted 220,000 last week, marking a slight uptick from 219,000 for the week ended on Nov. 25. Economists had expected a reading of 222,000.

The latest figures added to string of recent data pointing to soft labor market, though the nonfarm payrolls report for November will take center stage.

Economists expect that the economy created 180,000 new jobs last month, with the unemployment rate likely steady at 3.9%. Average hourly earnings, however, are expected to have increased by 0.1%.

Scott Kanowsky and Oliver Gray contributed to this report.

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Stock Market Today: Dow ekes out win as Alphabet, AMD rally offsets energy slump
 

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Comments (11)
Casador Del Oso
Casador Del Oso Dec 07, 2023 4:08PM ET
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AI is all hype, just like the Internet in the late 1990s. Soon, it will be mainstream.
TheLast LoserDon
TheLast LoserDon Dec 07, 2023 3:41PM ET
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another nice day for investors
TheLast LoserDon
TheLast LoserDon Dec 07, 2023 3:41PM ET
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I guess not a great day for those not invested, sorry
Merica Moment
Merica Moment Dec 07, 2023 1:27PM ET
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Banking crisis coming soon. Fed will print trillions
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TheLast LoserDon
TheLast LoserDon Dec 07, 2023 1:27PM ET
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The Trumplakans cannot keep up since NewsMax and Fox lie to them and do not give any good news about America.
Brent Phillips
Brent Phillips Dec 07, 2023 1:27PM ET
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Dude, you blame Trump for all the problems. I am old enough to remember lots of people making bank during his presidency. Did you? If so, please stick to investing and leave the politics at the door.
TheLast LoserDon
TheLast LoserDon Dec 07, 2023 1:27PM ET
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oh I made bank during all presidential terms. but banking crisis was the topic of this thread. so facts are Republicans dismantled regulations and Biben has put many controls back in place.
First Last
First Last Dec 07, 2023 1:27PM ET
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Brent Phillips   No, we're blaming Trump here for 1, not all, of the problems.
Ri O
Ri O Dec 07, 2023 1:27PM ET
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TheLast LoserDon   What are you doing here on this board? You belong on the yahoo board. That's where the liberals hang out.
Shukat Lashari
Shukat Lashari Dec 07, 2023 12:45PM ET
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Mitchel Pioneer
Mitchel Pioneer Dec 07, 2023 11:08AM ET
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10AM sharp, and the criminal breaker flagrantly fires, resulting in a "rally."  Predictable enough?  Remarkable how a global financial mechanism with millions of participants worldwide can follow the same predictable patterns, over and over.  BIGGEST INVESTMENT JOKE IN THE WORLD.
MarketRoller CoasterRider
MarketRoller CoasterRider Dec 07, 2023 11:08AM ET
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I guess you must be extremely rich now with such a predictable market.
First Last
First Last Dec 07, 2023 11:08AM ET
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Low of day happened at 9:50 am
perplexed76 .
perplexed76 . Dec 07, 2023 10:22AM ET
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numbers are good and good are bad so experts are waiting next numbers hoping they will be bad.
Stan Smith
Stan Smith Dec 07, 2023 10:04AM ET
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You mean "FRESH" Central Banks liquidity is pouring into stocks under the guise of "swashbuckling investors" Nothing like the warm fuzzy feeling of luring in more bag holders over Christmas. Its the Santa Clause rally and it just happens whatever the news!!!
Mitchel Pioneer
Mitchel Pioneer Dec 07, 2023 9:46AM ET
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Ah yes, savvy "investors" once again "buy" as they "wait" for something, even though everything has already been "priced in" 100 times.  All the criminally mitigated losses vanish in one fell swoop.  Only in the BIGGEST INVESTMENT JOKE IN THE WORLD.
Fred Johnson
Fred Johnson Dec 07, 2023 9:46AM ET
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Why are you here if you hate the market?  Stay in cash.  No need to spew your unhappiness to others.
Fred Johnson
Fred Johnson Dec 07, 2023 9:46AM ET
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Then why are you here?  Hasn't shorting worked out for you?
Casador Del Oso
Casador Del Oso Dec 07, 2023 9:38AM ET
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To say the job market is softening is totally ridiculous. Over 8 million job openings and well under 300k initial jobless claims equals a very healthy job market. LOL
MarketRoller CoasterRider
MarketRoller CoasterRider Dec 07, 2023 9:38AM ET
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Just a couple months ago there were 9.5 million opening and a little over a year ago there were close to 12 million. A 33% reduction since the 12 million amount is probably a softening.
Casador Del Oso
Casador Del Oso Dec 07, 2023 9:38AM ET
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JOLTS website says 0.7 unemployed persons per job opening, near historic low. Job market is extremely healthy.
First Last
First Last Dec 07, 2023 9:38AM ET
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Casador Del Oso   It's both softening and healthy.
Casador Del Oso
Casador Del Oso Dec 07, 2023 9:38AM ET
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First Last Double talk
First Last
First Last Dec 07, 2023 9:38AM ET
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Casador Del Oso   Look at the SPY from late Oct to now.  It has been bullish, been staying above 20 days ema, even though last 2 weeks has been flattish.  Job market has been healthy post-pandemic, even though recently it has been softening.
Richard Warden
Richard Warden Dec 07, 2023 9:09AM ET
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For the past 5 days investors have been selling off at every little bump up. It's time to short. There are lots of red lights flashing. Actually, FBI Director Chris Wray used that exact term to describe the terror threat level in the US lately. As DHS Secretary says vetting and securing the US border is an act of "violence against our fundamental values" - meanwhile, a record 12,000 unvetted migrants flooded over the border in the last 24 hours in the highest single-day total ever recorded.
Stan Smith
Stan Smith Dec 07, 2023 9:09AM ET
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Its ridiculous...US is more concerned with Middle East borders than its own. Defending the Middle East from threats against 'freedom and democracy' as thousands of hoodlums pour over its own borders..lol..
Fred Johnson
Fred Johnson Dec 07, 2023 9:09AM ET
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Stan Smith    Not the "US".  Democrats are the ones not concerned with US border.
Stan Smith
Stan Smith Dec 07, 2023 9:09AM ET
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Fred Johnson  Well whomever the US voted for
First Last
First Last Dec 07, 2023 9:09AM ET
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Or you can just as validly see it as buying every little bump down..
First Last
First Last Dec 07, 2023 9:09AM ET
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DHS Secretary said the Admin "presented proposals" that do not "do violence against our fundamental values".  Don't get your narrative from extreme-right conspiracy media.
 
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