U.S. Stocks End the Day Slightly Higher as Nasdaq Set for 18.6% First-Half Gain | Wall Street Today
The Nasdaq is on track for an 18.6% first-half gain, thanks to Nvidia's strong performance. Despite trading lower most of the day, Nvidia closed up 0.25%.
The broad market $S&P 500 Index (.SPX.US)$ close at 5,477.90, up 0.16%, and the $Nasdaq Composite Index (.IXIC.US)$ advanced 0.49%. The $Dow Jones Industrial Average (.DJI.US)$ was almost flat, up 0.04%.
MACRO
The inventory of new U.S. homes is at its highest since the housing bubble burst over a decade ago, increasing the risk that builders will slow down production as the market waits for lower borrowing costs.
The number of one-family homes for sale rose to 481,000 in May, the highest since 2008, according to government data released Wednesday. Almost 100,000 of these homes are already built but still haven't found buyers, the most in over 14 years.
SECTORS
Oil settled little changed after swinging between losses and gains as US petroleum stockpiles rose to the highest in more than three years, undercutting optimism about a summer demand surge
West Texas Intermediate eked out a 7-cent gain to close just below $81 a barrel after the Energy Information Administration said crude stockpiles increased by 3.59 million barrels.
MOVERS
$NVIDIA (NVDA.US)$ held its annual shareholder meeting on Wednesday. CEO Jensen Huang said Wednesday the company's Blackwell platform "will likely be the most successful product in the industry and even in the entire computer history." The stock reversed its earlier drop right at the end, finishing up 0.25%.
$Amazon (AMZN.US)$ shares rose 3.9%, sending the company to hit a $2 trillion market capitalization on Wednesday as tech stocks' prices keep charging higher.
Shares of $FedEx (FDX.US)$ climbed 14.5% on Wednesday, a day after the company said that it is reviewing its freight business to assess the role it plays in its portfolio.
$Paychex (PAYX.US)$ stock fell 6.1% after the company reported better-than-expected quarterly earnings and sales but guidance seemed to be weighing on shares.
$Rivian Automotive (RIVN.US)$ drew praise from Wall Street on Wednesday as its stock rallied on the electric vehicle maker's joint venture with German car giant Volkswagen AG. Wedbush analyst Daniel Ives boosted his Rivian target price to $20 from $15 a share and said the partnership amounts to a "game-changer" for the company.
$Moderna (MRNA.US)$'s stock fell 11% Wednesday, after the company said that its respiratory syncytial virus, or RSV, shot showed 50% efficacy in preventing the illness after 18 months.
$Micron Technology (MU.US)$ shares fell 7.3% in the after-hours session despite beating estimates on Q3 revenue and EPS.
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