Wall Street indexes post record closing highs as Nvidia jumps, megacap earnings ahead
Tue October 28, 2025 5:19 PM
Both tech indexes were running rather flat all morning until about 11:30 when both the S&P and Nasdaq surged to new closing highs. That was probably when Nvidia announced its big news of a contract to build AI supercomputers for the government, shooting the stock way up and bringing the company close to the $5 trillion mark for the first time in history, surpassing Apple’s $4 trillion market capitalization. Meanwhile Microsoft also announced a deal to restructure OpenAI which shot its stock up 2%.
Once again, there were 3-digit gains in both the Dow and Nasdaq but preliminary job numbers showed layoffs exceeding new hires. Five of the seven Magnificent Seven Q3 are still coming this week which will be gauged closely for their AI profits. There is still the question of whether AI will continue to push the market upward or if there will be a bubble but right now, with over a third of companies reporting, Q3 earnings are looking good and the S&P earnings growth forecast stands at 10.5%, quite a hike from 8.8% a month ago. There is also a virtual unanimous consensus that another ¼ point rate cut will be announced on Wednesday. Volume at 20.5 billion is just a little below the 20.96 average.
DJ: 47,544.59 +337.47 NAS: 23,637.46
+432.59 S&P: 6,875.16
+83.47 10/27
DJ: 47,706.37 +161.78 NAS: 23,827.49 +190.04 S&P: 6,890.89 +15.73 10/28
No comments:
Post a Comment