S&P 500 ends barely changed; Nvidia shares up after the bell
Wed February 26, 2025 5:06 PM
It’s another Wall Street mystery. The market did not have high hopes for Nvidia today so tech’s sell off continued yesterday. But despite the fact that Nvidia’s report did not come in until after the closing bell – and the report was indeed positive -- Nvidia’s stock still shot up a whopping 3.7% and the overall chip index up 2.1%. The Nasdaq finally got its big boost, up some 250 points by noon and the S&P enjoyed a similar morning rally. Then hopes were dashed and all the indexes declined dramatically all afternoon, particularly the Dow, ending the day 3-digits in the red and the S&P and Nasdaq ending in the black but much reduced from the morning.
The trigger was another round of tariff announcements, this time against the European nations to the tune of 25% though the April 2nd tariffs on Mexico and Canada were delayed another month. But Nvidia has become the new bellwether for the whole market so investors will be following its lead. The good news for the day is a Reuters poll showing that the S&P is expected to finish the year 9% above current levels, and current levels are already pretty impressive. Though the Magnificent Seven is down 4.5% for the year, the S&P is already up 5.2%. (Are they saying the S&P will be at 14% in December? Start buying!) And Q4 continues to be quite positive though the consumer sentiment data has caused concerns about the economy stalling. Volume was below the 4-week average of 15.4 billion, coming in today at 14.58 billion.
DJ: 43,621.16 +159.95 NAS: 19,026.39
-260.54 S&P: 5,955.25
-28.00 2/25
DJ: 43,433.12 -188.04 NAS: 19,075.26
+48.88 S&P: 5,956.06
+0.81 2/26
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