U.S. Stock Diary | Chip stocks continue to be strong, Nasdaq index hits new closing high (Spencer Platt via Getty Images)
All three U.S. stock indexes performed well, with the Dow rising by more than one million, the S&P 500 and the Nasdaq hitting new highs respectively during the trading session, rising to 5,166 points and 16,309 points respectively. Both also hit new closing highs at the same time. Chip stocks continued to be strong, with NVIDIA rising above US$900 to reach a new high of US$927, and TSMC reaching a new high of US$151.6. Novo Nordisk announced positive results from a new weight loss drug trial, and its stock price rose 9% to hit a new market high.
Real-time quotations of U.S. stocks and foreign currencies, multi-country news
Market conditions on March 7 (Thursday)
l The Dow Jones index rose 122.09 points, or 0.32%, to 38,783.14 points.
l The S&P 500 index rose 54.89 points, or 1.08%, to 5,159.65 points.
l The Nasdaq index rose 268.73 points, or 1.68%, to 16,300.27 points.
l New York oil futures for April delivery closed at US$78.93 a barrel, down US$0.20 or 0.25%.
l New York April gold futures closed at US$2,165.8 an ounce, up US$7.6 or 0.35%. During the trading session, it rose to US$2,172.2 and hit a record high.
l The U.S. 10-year Treasury bond yield closed at 4.092%, down 1.2 points.
A number of chip stocks continued to rise, with Nvidia and TSMC continuing to hit record highs. The two closed up 4.5% and 5.4% respectively, with Nvidia’s closing price reaching $927.
Nvidia is up 87% year to date, and the broader VanEck Semiconductor ETF (SMH) is also up 34%. Although some investors are concerned that these stocks may be approaching a ceiling, Chris Senyek, chief investment strategist at Wolfe Research, wrote in a report on Thursday: “Our feeling remains that stocks are likely to continue higher, with most of the “Tech Seven” ’ and AI-related companies outperformed other companies until fundamentals started to disappoint and the trend reversed.”
Novo Nordisk announced positive results from the first phase of a trial of its new experimental weight-loss drug, and its stock price closed up nearly 9%, hitting a record high. However, its rival biotechnology company Viking Therapeutics (VKTX) fell in response to Novo Nordisk’s success, closing down 18.84%.
Electric car manufacturer Rivian has released its R3 Crossover electric car and is expected to begin delivering the R2 (electric SUV) in the first half of 2026. The news quickly expanded Rivian’s gains, with its stock price rising 13% at closing.
Although technology stocks improved, Apple fell for the seventh consecutive trading day, closing down 0.07%.
Victoria’s Secret’s stock price fell significantly due to mixed performance, but it expected first-quarter and full-year revenue to fall more than expected, with its stock price falling significantly by 32%.
Powell said in Congress that the level of confidence is not too far away from starting to cut interest rates, while becoming more confident that inflation can sustainably remain at 2%. When there is confidence, lower interest rate levels will be appropriate. He said the Fed’s interest rate policy is now quite restrictive and is now above the neutral rate.
In terms of data, according to a report released by Challenger, Gray & Christmas, Inc., U.S. employers announced plans to lay off 84,638 employees in February this year, the largest layoffs in 11 months and the highest number of February layoffs since 2009.
2024-03-07 21:49:03
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