Nasdaq rallies with Nvidia, tech shares; investors look toward Jackson
Hole
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[August 22, 2023] By
Caroline Valetkevitch
NEW YORK (Reuters) - The Nasdaq ended more than 1% higher and the S&P
500 also rose on Monday, 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 ended slightly lower.
The yield on 10-year Treasury notes hit highs last seen during the Great
Financial Crisis in 2007 as investors looked warily toward 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 $780, the second highest on Wall
Street.
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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 U.S. Treasury yields, and fanned
worries about the impact of higher rates on businesses and consumers.
The Dow Jones Industrial Average fell 36.97 points, or 0.11%, to
34,463.69, the S&P 500 gained 30.06 points, or 0.69%, to 4,399.77 and
the Nasdaq Composite added 206.81 points, or 1.56%, to 13,497.59.
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Traders work on the floor of the New
York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023.
REUTERS/Brendan McDermid/File Photo
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Among decliners in the Dow, Johnson & Johnson shares fell 3% after
the healthcare conglomerate said it was expecting to retain a stake
of about 9.5% in its newly separated consumer health unit, Kenvue.
Goldman Sachs Group's stock dipped 0.9% after the bank said it was
weighing the sale of a part of its wealth business.
Also in the tech space, Palo Alto Networks surged 14.8% after the
cybersecurity firm alleviated worries about its late Friday release
of results with a strong quarter and a forecast for annual billings
above expectations.
And VMware jumped 4.9% after UK's competition regulator cleared
Broadcom's purchase of the cloud computing firm. Broadcom's stock
gained 4.8%.
Volume on U.S. exchanges was 9.75 billion shares, compared with the
10.99 billion average for the full session over the last 20 trading
days.
Declining issues outnumbered advancing ones on the NYSE by a
1.44-to-1 ratio; on Nasdaq, a 1.08-to-1 ratio favored decliners.
The S&P 500 posted 3 new 52-week highs and 18 new lows; the Nasdaq
Composite recorded 36 new highs and 214 new lows.
(Reporting by Caroline Valetkevitch; additional reporting by Amruta
Khandekar and Shristi Achar; Editing by Arun Koyyur, Vinay Dwivedi
and David Gregorio)
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