Live Nasdaq Composite: Markets Take New Ground in Broad-Based Rally
Key Points
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After clinching new highs on Friday, both the Nasdaq Composite and S&P 500 are back for more and are taking new ground today.
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Palantir Technologies is up 5% on a promising partnership.
Live Updates
MSFT Trades at New Highs
Big Tech stock Microsoft (Nasdaq: MSFT | MSFT Price Prediction) has soared to a fresh all-time high of nearly $500 per share, for a market cap of $3.7 trillion. Nvidia (Nasdaq: NVDA) still holds the crown as the most valuable listed company on the planet, with a market cap of $3.8 trillion.
The Nasdaq Composite is currently up 0.26%.
Market Movers
Building products company GMS (NYSE: GMS) is up nearly 12% after a subsidiary of Dow component Home Depot (NYSE: HD) won a bidding war to acquire the company. Shares of HD are down slightly, as is typical with the buying entity.
Financial stocks Goldman Sachs (NYSE: GS) and Wells Fargo (NYSE: WFC) are up 2% and 1%, respectively, after passing the Federal Reserve’s banking stress test with flying colors.
Bullish on Broadcom
Jefferies analysts have reiterated their “buy” rating on Broadcom (Nasdaq: AVGO) while lifting the price target by $15 to $315 per share. The analyst firm called Broadcom “a leader in infrastructure semiconductors and software,” sending shares 2% higher today. Broadcom stock is within striking distance of its next all-time high amid robust demand for its chip solutions.
This article will be updated throughout the day, so check back often for more daily updates.
In a dramatic plot twist, the tech-heavy Nasdaq Composite and S&P 500 both clinched fresh all-time highs last week despite economic uncertainty. Today, stocks are looking to extend those gains, with all three of the major stock market averages moving higher. On Friday, the S&P 500 surpassed its February highs of 6157, while the Nasdaq Composite crossed the 20,240 level, its previous high set at year-end 2024.
Palantir Technologies (Nasdaq: PLTR) and Accenture have announced a tie-up in which they are injecting legacy government agency systems with modern technology including AI. Palantir stock was under pressure last week amid a rebalancing of Russell U.S. indices, but today the stock is recouping lost ground, up 5%.
Most sectors of the economy are seeing green today, led by financials. The Federal Reserve revealed that the big banks have strong enough balance sheets to withstand an economic recession should one rear its head. In recent days, the revised Q1 GDP showed that economic growth slowed by a steeper than initially thought 0.5%. Results were pressured by higher imports and less robust government spending, but resilient consumer spending remained intact.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 165.67 (+0.38%)
Nasdaq Composite: Up 57.84 (+0.29%)
S&P 500: Up 16.03 (+0.26%)
Market Movers
Hewlett Packard (NYSE: HPE) is tacking on 11.3% today after reaching a settlement with regulators over its announced combination with fellow networking stock Juniper Networks (NYSE: JNPR), which should pave the way for the deal to close.
Oracle (Nasdaq: ORCL) is gaining 5.6% today on bullish comments from CEO Safra Catz, who revealed the company is off to a running start in the current fiscal year.
Fortive Corp (NYSE: FTV) is down 6.4% today after the spin-off of Raliant (NYSE: RAL).
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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