Traders work on the floor of the New York Stock Exchange.
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Stock futures rose slightly on Wednesday after investors sold technology-related stocks, a trade that led to gains in more risk-off parts of the market.
Futures linked to the Dow Jones Industrial Average Increased by 79 points (0.2%). S&P500 futures and Nasdaq 100 futures They rose by 0.3% and 0.6%, respectively.
Nvidia stock rose more than 1% after Foxconn, one of Nvidia’s suppliers, reported a 17% increase in profit compared to the same period last year. AMD stock also soared more than 5%.
On Tuesday, a tale of two markets emerged. The Dow rallied more than 550 points to close at a record high, while the Nasdaq fell. of S&P500 The stock closed higher on Tuesday, marking its third consecutive positive session.
consumer stocks etc. walmart, home depot and mcdonalds The Dow Jones Industrial Average was supported on Tuesday as traders tapped into parts of the market with lower valuations and less exposure to artificial intelligence trading. The healthcare sector is Eli Lilly and johnson & johnson.
Beloved AI stocks such as Nvidia Stocks fell on Tuesday, reflecting uneasy sentiment among investors that tech companies’ valuations could widen after recent spikes. Rumors of a stock market bubble persist, but investors are becoming more discerning about which tech giants appear to have an advantage in the AI race.
“It’s a very interesting rotation when you have very few groups that are making new highs and very few stocks that are above their 200-day moving average or above their 40-day moving average,” Craig Johnson, chief market technician at Piper Sandler, told CNBC’s “Power Lunch” on Tuesday. “What went wrong is now a place to hide.”
Investors also digested a new report from ADP that showed private employers cut jobs in October, raising concerns about labor market weakness. The report gained added attention after the record U.S. government economic shutdown halted many major economic announcements. The U.S. government could reopen as early as this weekend. The Senate passed the spending bill Monday night before moving it to the House for a final vote.
