Wednesday, November 24, 2021

Wall Street ends higher; Nvidia surge offsets Nordstrom, Gap slide

The market was way down all morning, the Dow over 220 points, before recovering to near break-even and the Nasdaq gaining with Nvidia bouncing back after the big sell off Monday and Tuesday. The chipmaker is now up 150% for the year.  Other good news is jobless claims falling and Q3 GDP revised upwards. U of M’s survey showed consumer confidence is up in November. But COVID spikes in Europe making it once again the global epicenter has put some brakes on the market.  Going into the holiday, volume was considerably below average at 8.9 billion. 


Wall Street ends higher; Nvidia surge offsets Nordstrom, Gap slide

By Ambar Warrick and Noel Randewich

DJ: 35,813.80  +194.55        NAS: 15,775.14  -79.62          S&P: 4,690.70  +7.76       11/23

DJ: 35,804.38  -9.42             NAS: 15,845.23  +70.09         S&P: 4,701.46  +10.76     11/24

Nov 24 (Reuters) - Wall Street ended higher on Wednesday, lifted by gains in Nvidia and other tech stocks, while Gap and Nordstrom shares tumbled following weak quarterly reports.  Nordstrom  (JWN.N) and Gap (GPS.N) dived after the two retailers reported weak quarterly results and warned of supply chain problems ahead of the crucial U.S. holiday shopping season. read more  The S&P 500 consumer discretionary sector index (.SPLRCD)rose after data showed U.S. consumer spending increased more than expected in October. read more  The so-called core PCE price index, the Federal Reserve's preferred inflation measure, also accelerated in October.  Nvidia (NVDA.O) rallied as it bounced back from a selloff in Big Tech stocks early this week. The graphics chipmaker is now up about 150% in 2021.

Various Federal Reserve policymakers said they would be open to speeding up elimination of their bond-buying program and move more quickly to raise interest rates if high inflation held, minutes of the U.S. central bank's last policy meeting showed. read more  Other data showed weekly jobless claims fell and third-quarter GDP was revised higher, while a University of Michigan survey showed consumer sentiment improved in Novemberread more

Coronavirus infections broke records in parts of Europe on Wednesday, with investors worried the continent was again the epicenter of a pandemic that has prompted new curbs on movement. read more  "Equities are under pressure from a combination of rising interest rates, more cautionary news on the earnings front, and also from COVID developments in Europe," said Greg Bassuk, chief executive at AXS Investments in Port Chester, New York. 

Tesla Inc (TSLA.O) rose as much as 1.9%. In his latest of several recent share sales, CEO Elon Musk sold 934,091 shares of the electric vehicle maker worth $1.05 billion after exercising options to buy 2.15 million shares. read more  PC makers HP Inc (HPQ.N) and Dell Technologies (DELL.N) jumped after they logged a more than four-fold rise in quarterly profits amid increasing demand for personal computers. read more 

The U.S. stock market will be closed on Thursday for the Thanksgiving holiday, and it will have a shortened session on Friday.  Real estate (.SPLRCR) led among 11 S&P 500 sector indexes with a gain of over 1% for most of the session. 

The Dow Jones Industrial Average fell 0.03% to end at 35,804.38 points, while the S&P 500 gained 0.23% to 4,701.46.  The Nasdaq Composite climbed 0.44% to 15,845.23. 

Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored advancers.  The S&P 500 posted 27 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 55 new highs and 234 new lows.

Volume on U.S. exchanges was 8.9 billion shares, light compared to the 11 billion average over the last 20 trading days. 

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