Traders on the New York Stock Exchange experienced a rough day on Thursday as the Dow Jones Industrial Average fell over 400 points following new inflation data. Stock futures were near the flatline as investors awaited earnings reports from major U.S. banks.
Despite the overall market decline, tech shares led a rebound in the S&P 500 and Nasdaq Composite, with the Nasdaq reaching a record high. Apple saw a significant surge in stock after reports surfaced about plans to revamp Mac products with new AI-focused chips. Companies like Nvidia and Amazon also saw gains in their stock prices during Thursday’s trading session.
Globalt Investments’ senior portfolio manager highlighted the importance of AI in driving stock performance, emphasizing the potential for growth in this sector. The S&P 500 is down 0.1% for the week, while the Nasdaq is on track for a 1.2% increase and the Dow is set for a 1.1% decline.
The first-quarter earnings season kicks off with major U.S. financial institutions such as JPMorgan Chase and Wells Fargo reporting before the bell. Investors will be closely watching these reports for insights into the state of the economy and corporate performance amid lingering economic uncertainty. Stay tuned for more updates on ‘The Puck Drop’ as the market continues to react to earnings reports and economic data.
