In today’s trading session, the Dow Jones Industrial Average and other major indexes continued their upward momentum. Technology giant Nvidia hit a record high, while electric car company Tesla faced losses. Federal Reserve Chairman Jerome Powell was scheduled to testify before Congress for the second consecutive day.
The Dow Jones rose by 0.55%, the S&P 500 climbed by 0.6%, and the Nasdaq composite moved up by 0.7%. Both the Nasdaq 100 tracker and the SPDR S&P 500 ETF saw gains among U.S. exchange traded funds.
Meanwhile, the 10-year Treasury yield slightly decreased to 4.08% and oil prices paused following a rise on Wednesday. In morning trading, Nvidia surged by 1.5% while Tesla slipped by 1%.
Powell’s appearance before the Senate Banking, Housing and Urban Affairs Committee hinted at possible interest rate reductions later this year. Several companies, including American Eagle Outfitters, BJ’s Wholesale, Burlington Stores, Ciena, and Kroger, reported their earnings.
Stocks such as Duolingo, Fifth Third Bancorp, Fortinet, and Weatherford were highlighted as prime choices in the market. Disney, IBM, and Procter & Gamble showed signs of potential breakouts among the Dow Jones stocks.
Novo Nordisk soared over 7% due to positive results for its new weight-loss drug. Today’s top bets in the stock market include Novo Nordisk, Merck, DraftKings, and Spotify. Notable technology giants Apple and Microsoft also traded higher after the market opening.
Overall, the stock market displayed positive movements and promising developments across various sectors, indicating a bullish outlook for investors.
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