Today’s Stock Market in 2-Minutes

By Alex Financials



Thursday’s market activity showcased a compelling narrative with tech stocks taking the lead, gold hitting record highs, and corporate developments influencing investor sentiments.


Tech Sector Dominance:

Tech stocks continued their upward trajectory on Thursday, with the Nasdaq Composite (^IXIC) securing a notable 1% gain. Notably, NVIDIA (NVDA), the AI powerhouse, surged over 2%, reaching new all-time highs above $900 per share. Year-to-date, NVIDIA has outperformed as the leading stock among the “Magnificent 7” stocks. Simultaneously, Meta (META), the social media giant, also achieved new highs, boasting a 46% increase year-to-date.


Federal Reserve Chair Testimony:

Investor confidence remained robust as Federal Reserve Chair Jerome Powell faced a second day of testimony before Congress. The S&P 500 (^GSPC) marked a 0.9% increase, touching record highs. Powell maintained the central bank’s stance, emphasizing no rush to ease policy but hinting at likely rate cuts later this year, contingent on inflation data.


Gold’s Rally:

Gold extended its rally for the fifth consecutive day, reaching fresh highs above $2,160 per ounce. The precious metal’s surge was fueled by Powell’s reiterated commitment to potential rate cuts, boosting confidence in the market. As interest rates declined and the US dollar eased, gold’s value soared, reaching new heights.


Corporate Spotlight:

Victoria’s Secret (VSCO) experienced a tumultuous day, with shares plummeting over 25% after disappointing sales guidance. The lingerie maker struggled to meet expectations, facing challenges in the evolving market dynamics. On the other hand, New York Community Bancorp (NYCB) faced a 7% loss in deposits over a month, highlighting the hurdles for a new investor group led by Steve Mnuchin.


Market Outlook:

The market’s positive momentum comes on the heels of Powell’s reassurance about the economy and the likelihood of rate cuts this year. As investors eagerly await the crucial non-farm payroll report, slated for release on Friday, the trajectory of future rate cuts remains a focal point.



In the ever-changing landscape of financial markets, Thursday’s developments underscore the resilience of tech stocks, the allure of precious metals like gold amid rate cut expectations, and the challenges faced by specific corporations in adapting to market shifts. As investors navigate through these dynamics, staying informed about market trends and corporate movements is paramount for making informed decisions in this dynamic financial landscape.


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