The US stock market had a rocky start today, with equities falling early in the day. However, a late surge in buying activity, particularly in Nvidia, helped turn things around. Thanks to this strong buying interest, what was initially a 2% decline ended up being a small gain by the end of the trading day.
Amazon was a standout performer throughout the day, climbing 4% and reaching a new all-time high. This strong performance from Amazon contributed to the overall positive sentiment in the market.
Here are the closing changes for the major indices:
– S&P 500: +0.2%
– Nasdaq Composite: +0.5%
– DJIA: +0.1%
– Russell 2000: -0.35%
Investors will be keeping a close eye on US banks after the market closes, as the annual stress test results are set to be released. These results can have a significant impact on the banking sector and the broader market.
In an update, Micron’s earnings report after the market close did not meet expectations. As a result, Micron’s shares fell by 6%, putting pressure on other chipmakers and impacting futures trading.
This late-day rally in US equities showcases the resilience of the market and the willingness of investors to step in and buy the dip. Despite the initial decline, the market managed to close on a positive note, driven by strong performances from key players like Amazon. The upcoming stress test results for US banks and the reaction to Micron’s earnings will be important factors to watch in the coming days as investors assess the overall health of the market.