AGL 36.51 Decreased By ▼ -1.49 (-3.92%)
AIRLINK 216.01 Increased By ▲ 2.10 (0.98%)
BOP 9.46 Increased By ▲ 0.04 (0.42%)
CNERGY 6.59 Increased By ▲ 0.30 (4.77%)
DCL 8.50 Decreased By ▼ -0.27 (-3.08%)
DFML 40.90 Decreased By ▼ -1.31 (-3.1%)
DGKC 99.48 Increased By ▲ 5.36 (5.69%)
FCCL 36.48 Increased By ▲ 1.29 (3.67%)
FFBL 88.94 No Change ▼ 0.00 (0%)
FFL 17.17 Increased By ▲ 0.78 (4.76%)
HUBC 126.25 Decreased By ▼ -0.65 (-0.51%)
HUMNL 13.35 Decreased By ▼ -0.02 (-0.15%)
KEL 5.24 Decreased By ▼ -0.07 (-1.32%)
KOSM 6.71 Decreased By ▼ -0.23 (-3.31%)
MLCF 44.24 Increased By ▲ 1.26 (2.93%)
NBP 60.50 Increased By ▲ 1.65 (2.8%)
OGDC 222.49 Increased By ▲ 3.07 (1.4%)
PAEL 40.60 Increased By ▲ 1.44 (3.68%)
PIBTL 8.16 Decreased By ▼ -0.02 (-0.24%)
PPL 191.99 Increased By ▲ 0.33 (0.17%)
PRL 38.60 Increased By ▲ 0.68 (1.79%)
PTC 27.00 Increased By ▲ 0.66 (2.51%)
SEARL 103.50 Decreased By ▼ -0.50 (-0.48%)
TELE 8.62 Increased By ▲ 0.23 (2.74%)
TOMCL 34.86 Increased By ▲ 0.11 (0.32%)
TPLP 13.60 Increased By ▲ 0.72 (5.59%)
TREET 24.99 Decreased By ▼ -0.35 (-1.38%)
TRG 71.99 Increased By ▲ 1.54 (2.19%)
UNITY 33.33 Decreased By ▼ -0.06 (-0.18%)
WTL 1.72 No Change ▼ 0.00 (0%)
BR100 11,987 Increased By 93.1 (0.78%)
BR30 37,178 Increased By 323.2 (0.88%)
KSE100 111,351 Increased By 927.9 (0.84%)
KSE30 35,039 Increased By 261 (0.75%)

NEW YORK: Wall Street’s main indexes rose on Wednesday, as shares of Nvidia jumped on hopes of another strong outlook from the chip designer which could reignite an artificial intelligence-powered rally in megacap growth stocks.

Rising bets that Nvidia’s revenue target will surpass Wall Street estimates pushed the chip designer’s stock to a record high on Tuesday. But analysts equally fear a wider selloff if the company fails to match investor expectations.

Shares of Nvidia were up 2.1%. The company is expected to report quarterly results after markets close on Wednesday.

A blowout forecast from the company last quarter has been one of the biggest catalysts for the S&P 500’s 15% gain so far this year.

“A lot of investors have the expectation that you don’t give that kind of guidance and commentary unless you’re pretty sure that you’re going to absolutely blow away the number on the following quarter,” said Matt Stucky, senior portfolio manager of Equities at Northwestern Mutual Wealth Management Company.

Shares of some other major growth stocks bounced back from declines in the first few weeks of August when signs of strength in the US economy had stoked worries that the Federal Reserve could keep interest rates higher for longer. Alphabet and Meta Platforms were up 2.8% and 3.1%, respectively, while Netflix climbed 5.4% after data showed signups in the United States remained elevated.

The moves lifted the S&P 500 communication services index up 2.3%.

Equities received a further boost as the yield on the 10-year US Treasury note pulled back from near 16-year highs after weak business activity data from the United States and the euro zone hinted at global disinflation.

The data came ahead of US Federal Reserve Chair Jerome Powell’s comments on Friday that will be parsed for more clues on the central bank’s interest rate path.

Traders’ bet of a rate hike pause by the Fed next month stood at 88.5%, according to CME Group’s FedWatch tool.

US stocks will eke out only marginal gains between now and the year end, according to strategists in a Reuters poll, with the S&P 500 forecast to end the year at 4,496, about 2.2% above Monday’s close.

At 11:38 a.m. ET, the Dow Jones Industrial Average was up 133.05 points, or 0.39%, at 34,421.88, the S&P 500 was up 38.58 points, or 0.88%, at 4,426.13, and the Nasdaq Composite was up 199.25 points, or 1.48%, at 13,705.12.

Sport retailers Nike and Under Armour fell 3.8% and 1.7%, respectively, after a downbeat profit forecast from Foot Locker, whose shares slumped 32.9%.

Shares of drugmakers Gilead Sciences and Merck & Co advanced 1.2% and 4.2%, respectively, after Swiss rival Roche inadvertently published positive lung cancer drug trial data.

Peloton Interactive shares plunged 22.5% to a record low after the fitness equipment maker pushed back its cash-flow positive target.

Advancing issues outnumbered decliners by a 3.28-to-1 ratio on the NYSE and by a 2.31-to-1 ratio on the Nasdaq.

The S&P index recorded 7 new 52-week highs and 10 new lows, while the Nasdaq recorded 35 new highs and 115 new lows.

Comments

Comments are closed.