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Stock Market Today: S&P 500 in record close as Nvidia-fueled tech rally continues

Published 02/29/2024, 07:22 PM
Updated 03/01/2024, 04:11 PM
© Reuters. The S&P 500 and Nasdaq wrapped up a strong week with record closes on Friday, underpinned by slump in Treasury yields and an Nvidia-led surge in chip stocks as the latest quarterly results from tech continue to point to accelerating artificial intelligence demand.

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was up 98 points, or 0.3%, S&P 500 gained 0.8% to close at 5,136.23, while NASDAQ Composite jumped 1.1% to a record 16,274.94.

Fed’s Waller remarks, weaker data sink Treasury yields

Fed governor Christopher Waller said Friday he would like to see the U.S. central bank shift its holdings more toward short-term Treasuries, sending the yield on the 2-year Treasury 11 basis points lower to 4.54%.

Data on Friday showing consumer sentiment unexpectedly slipped in February, and manufacturing activity deteriorating further into contraction territory boosted hopes for an earlier rate cut in further blow to Treasury yields to boost growth sectors including tech.

Markets are pricing in a rate cut in June, according to’s Fed Rate Monitor Tool.  

Nvidia (NASDAQ:NVDA) closes above $2T for first time as Dell, Netapp, Hewlett Packard results underscore AI demand 

Nvidia-led a surge in chip stocks to close above $2 trillion for the first time ever as bullish quarterly results from enterprise hardware makers including Dell showed demand for AI-enabled hardware including chips continued to accelerate.

Dell Technologies (NYSE:DELL) surged 31% on stronger-than-expected earnings and guidance as solid demand for its artificial intelligence-optimized servers offset weakness in personal computing.. Dell’s AI backlog at the end of the quarter for GPU servers was $2.9B, up about 80% from $1.6B last quarter.

Hewlett Packard Enterprise Co (NYSE:HPE), meanwhile, reported softer guidance, pressured by ongoing weakness in the PC market, and reported AI server shipments of $400M and $3B of backlog. The stock rose 2%, shrugging off negative remarks on Wall Street. "The stock remains relatively inexpensive, but given the flat outlook and ongoing macro concerns we view the risk/reward in HPE as balanced," UBS said in a note.

NetApp (NASDAQ:NTAP) soared 18% on a strong outlook for 2024 amid an improving demand backdrop following a period of stagnant demand. The company's "new solutions appear to target block specifically and could allow NTAP to significantly grow its TAM if they succeed in penetrating the market," Wedbush said in a note.

Fisker tumbles after flagging financial trouble; New York Community Bancorp warns of material weaknesses in internal controls

Electric vehicle maker Fisker (NYSE:FSR) plummeted more than 34% after it warned of a substantial doubt over its ability to stay afloat amid waning EV demand and production setbacks. The company said, however, that it was in talks with an large automaker to potentially secure funds and detailed plans to cut its workforce by 15% as it looks to strengthen its finances. 

New York Community Bancorp (NYSE:NYCB) tumbled nearly 26% after the embattled regional lender said it had found "material weaknesses" in company controls related to an internal loan review, stoking further worries about its exposure to commercial real estate loans.  

Vista Outdoor (NYSE:VSTO) rose 6% after the Wall Street Journal reported that the sporting and outdoor products group has received a $2.9 billion takeover offer, including debt from investment firm MNC Capital.

Boeing reportedly eyes Sprit Aerosystems takeover amid pressure to step-up quality control

Boeing Co (NYSE:BA) is currently in talks to acquire its supplier Spirit Aerosystems Holdings Inc (NYSE:SPR), The Wall Street Journal on Friday, citing unnamed sources, sending shares of the latter up 14%.

The move comes as Boeing pressure is mounting on the aircraft maker to restore its credibility after a recent string of issues affecting 737 MAX jets including the Alaska Airlines door blowout in January that was linked to faulty door plug supplied by Spirit AeroSystems.

Earlier this week, the U.S. Federal Aviation Administration ordered Boeing to develop a comprehensive plan to address quality-control issues within 90 days.

(Peter Nurse, Ambar Warrick contributed to this article.)

Latest comments

Bidenomics baby!
Is this the stock market crash Trumpo warned us would happen if Biden was elected?
It'll be super ironic if Trump's crash does happen, but crash because the market sees Trump winning a 2nd term.
one rate cut in June, which may well not happen, is not going to save the crashing US economy, nor the stock market - things are about to get very ugly
What "crashing economy" is this? Certainly not in the U.S.
more MAGA wishful thinking from me ish..
Predicting the future is tricky business.
Another miraculous, uninhibited, criminally manufactured "rally."  And the US working class heads into another weekend with a financial knife in the back, as their 401K contributions are invested at record highs.  The ultimate incarnation of Charles Ponzi's work in living color.
another uninhibited ignorant post from Mitch.
there's a good Chance of a correction starting in the next few trading days.but it is likely a correction in A longer Term Bull Market ...not a ish is always hoping for a Major market meltdown..he hopes that kind of event will get his dear leader reelected.
as you know, the first few days of the month is when the retirement money is buying into the markets if the corrections are coming, it probably won't start till the nasd is about 50-100 points higher from here. probably later next week if the correction are going to happen...
Bears, learn something, put down your self ego, knowledge is nothing in front of power.
start shorting the nasdaq and chip stocks from next week and you'll make a fortune over the next six months
  Selling otm puts while waiting to buy in o na dip ain't a bad idea.
 me ish, Feb. 2023: "I'll be shorting from this afternoon" You are not a serious person.
NVDA doing nicely.
watch out - gold went crazy this afternoon into the close - someone knows something is happening this weekend - and the US markets will sell off next week
  You mean this morning when it rallied up 1.5%.  Gold has been flat in the afternoon.
 me ish, May, 2023: "So markets are now going to sell off!!!" You are not a serious person.
Crude oil over $80bbl. Bonds pricing in rate cuts again. LOL
Another rally starting. Soon a.i. will do everything.
Mute translates to all indices being up a whole percentage. You heard it here folks, on I wonder what is the definition of "down" is these days? is it all indices up half a percent?
will someone kick these bots one of these days? It has been years and they keep spamming their hellos
today salary are more than just for food, high rate will not make you starve, it just make u spend less to enjoy life
Huh!?  Was yesterday's salary just for food?
I suspect English is not his first language....
2 negative CPI reports in a row, cpe rising, economy strong, low unemployment, good earnings, crude above 80... market rises as if 7 rate cuts were coming. There won't be a single rate cut in 2024. It's homebuying season - April's CPI will be lovely. Bank support from the fed ending this month and comercial resl estate is gonna hurt. Markets hiting technical reversal levels.
yep, I'm shorting the markets from next week, especially alt coins on leverage
SP500 going up again with no reason.
the reason is pension fund money pouring in for the 401Ks if the flows keep flowing, the price keeps rising and the bears have got burnt and given up - so a major rug pull is possible next week - I bet the market maker has positioned themselves today for a major drop next week
yes me ish they probably have. but they also set up a strategy that will reverse their positions if they're wrong.
aia ab, there's a reason, there are more sellers taking profits .
So bad news is actually good news? Because bad news means Feds will cut interest rate, and the interest rate being high is the root of all Evil? funny
Soft landing is good news for markets.
10AM breaker fire with Swiss watch precision.  The criminal manipulation of the fraudulent "market" is flagrantly displayed for the entire world to witness.  Assume the proper position America.
  It's like Mitchel is ignorant of economic reports being released at 10 am.
70% crash is coming to US bubble markets
joking, beats should just worry about themselves
omg, that's it.. I'm stocking up on (more) guns, ammo, and canned foods...
good luck with that, folks around here did that years ago and even started canning meat, bunch of stale food and stale Crackers here.
Its called consolidation
My deepest sympathy to those who didn't ride the AI 🐂💩rally waves.........
everytime when the bears blah blah blah with the TA and fundamental, there were bear traps.
umm they are green lol
Bear trap it seems. All BS news luring more bear to die
Stock market barely moved and this article talks about retreating 🤣
Talk about NYCB nothing ahah
Could reality be setting in? Nah.
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