Nvidia’s Golden Artificial Intelligence (AI) Era Fuels Record-Breaking Results Beyond Wall Street’s Wildest Forecasts
The Dow Jones Industrial Average declined by 150 points on January 8, 2024, driven by Boeing’s 8% drop due to the grounding of its 737 Max 9 jets. In contrast, Nvidia reached a record high. The market showed mixed results, with the Dow down 0.4%, S&P 500 up 0.35%, and Nasdaq composite rising 1%. Notable ETFs, such as Invesco QQQ Trust and SPDR S&P 500 ETF, experienced gains. Meanwhile, the 10-year Treasury yield increased to 4.05%, and oil prices fell over 3%, settling below $72 per barrel.
Coinbase’s stock reversed 2.5% despite positive ratings. Key economic data this week includes inflation reports and Q4 earnings from major banks like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. Delta Air Lines and UnitedHealth will also report results.
The previous week marked the end of a nine-week win streak for major indexes. The Dow and S&P 500 fell by 0.6% and 1.5%, respectively. Despite a modest pullback, the stock market remains in an uptrend. Notable stocks to watch include Alphabet, Netflix, Novo Nordisk, Snowflake, Amgen, Caterpillar, and Visa.
Alphabet, Netflix, and Novo Nordisk faced challenges near their buy points, while Amgen, Caterpillar, and Visa were in or near buy ranges. The report suggests keeping an eye on sell signals and adjusting to market conditions during the ongoing stock market rally.
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