Stock market today: Nasdaq surges as Nvidia, Amazon lead tech rally ahead of Fed decision

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US stocks extended gains on Thursday as investors continued to digest Donald Trump’s electoral victory and awaited the Federal Reserve’s policy decision due this afternoon.

The S&P 500 (^GSPC) rose roughly 0.6%, while the tech-heavy Nasdaq Composite (^IXIC) moved up than 1.3% as shares of chip heavyweight Nvidia (NVDA) and e-commerce giant Amazon (AMZN) rose to new highs.

Meanwhile, the Dow Jones Industrial Average (^DJI) hovered near the flat line, on the heels of a 1,500-point gain that marked the blue-chip gauge’s best day since 2022.

Spirits still appeared buoyant after Trump’s presidential election win, which sent all three major stock gauges soaring to fresh record highs on Wednesday. His plans for corporate tax cuts and deregulation have fueled optimism for a boost to the economy that will feed into stocks.

The Fed’s interest rate decision later Thursday could be the next catalyst that moves markets.

Investors see a 25 basis point rate cut as pretty much a sure thing at the end of policymakers’ two-day meeting. The focus is on what Chair Jerome Powell might reveal about the future path of policy, especially as Trump’s return could mean rates stay higher for longer.

On the corporate front, Arm Holdings (ARM) stock fell as the chip designer’s revenue forecast disappointed Wall Street’s hopes for stronger, AI-powered growth. By contrast, peer Qualcomm’s (QCOM) shares jumped more than 4% after its sales and profit outlooks topped estimates.

Meanwhile, Trump Media & Technology Group stock (DJT) continued to pull back from the big spike that followed the election result. Shares in the company — the home of Trump’s social media platform, Truth Social — fell by double digits during the session.

LIVE 7 updates

  • Bitcoin hovers near $76,000 per token as risk-on rally extends

    Bitcoin (BTC-USD) briefly touched new highs just north of $76,000, extending gains from Wednesday’s monster rally following Donald Trump’s White House win.

    The cryptocurrency jumped to new records on Wednesday and crypto-related stocks also rose following the presidential election results. Over the summer Trump promised to make the US the crypto capital of the world and form a ‘strategic bitcoin stockpile.’

  • Ines Ferré

    Nvidia, Amazon extend gains to hover at record highs

    Shares of AI chip heavyweight Nvidia (NVDA) and e-commerce giant Amazon (AMZN) each gained more than 1% on Thursday, extending gains from Wednesday’s monster rally following Donald Trump’s White House victory.

    Both stocks closed at all-time record highs on Wednesday.

    Earlier this week Nvidia surpassed iPhone maker Apple (AAPL) as the largest company in the world. The artificial intelligence chipmaker is expected to join the Dow Jones Industrial Average (^DJI) on Friday, replacing semiconductor giant Intel (INTC).

    Meanwhile, Amazon stock has been in an upward trend after the company posted a stronger-than-expected quarterly result last week. On Thursday, shares were trading just above $210 each.

  • Laura Bratton

    Earnings roundup: Moderna, WBD stocks surge on Q3 results, Hershey drops

    Another batch of companies reported earnings Thursday morning.

    Moderna (MRNA) jumped 5% at the market open as its earnings beat expectations partly thanks to better-than-anticipated COVID vaccine sales. Warner Bros. (WBD) jumped 10% thanks to streaming growth as Max subscribers soared. Meanwhile, Hershey (HSY) fell more than 1% after sinking as much as 3% premarket as high cocoa prices cut into its sales outlook for the year.

    Here’s a closer look at how the companies performed:

    Hershey: Adjusted earnings per share of $2.34 vs. $2.56 per share expected, revenue of $2.99 billion vs. $3.07 billion expected

    Moderna: Earnings per share of $0.03 vs. a loss of $1.98 per share expected, revenue of $1.86 billion vs. $1.25 billion expected

    Warner Bros.: Adjusted earnings per share of $0.05 vs. a loss of $0.12 per share expected, revenue of $9.62 billion vs. $9.81 billion expected

    Meanwhile, energy companies traded flattish after showing mixed results as natural disasters impacted some of their businesses. Duke Energy (DUK) saw its profits hit by hurricane costs, while Pacific Gas & Electric (PCG) missed on revenue just as it shut off power in Northern California amid fire risks. Nuclear power provider Vistra soared 11% after an earnings beat as it recovers from earlier losses.

  • Ines Ferré

    Stocks extend gains after Trump rally and ahead of Fed decision

    Stocks extended their gains on Thursday following a monster rally on the heels of Donald Trump’s White House victory. The move higher in stocks comes ahead of the Federal Reserve’s interest rate decision.

    The Dow Jones Industrial Average (^DJI) inched up 0.1% while the S&P 500 (^GSPC) rose roughly 0.3%. The tech-heavy Nasdaq Composite (^IXIC) moved up 0.5% after all three major averages closed at record highs on Wednesday.

    As Yahoo Finance’s Jennifer Schonberger reports, the Federal Reserve is expected to cut interest rates by 25 basis points and avoid any unnecessary surprises after the election of Trump as the next president.

    Meanwhile, parts of the “Trump Trade” showed some signs of unwinding on Thursday as Trump Media & Technology Group stock (DJT) sank by double digits, reversing the gains it enjoyed in the prior session.

  • Ines Ferré

    DJT stock sinks, reversing election-fueled gains

    Trump Media & Technology Group stock (DJT) sank by double digits in premarket trading on Thursday, reversing the gains it enjoyed on Wednesday as Donald Trump clinched victory over Kamala Harris in the presidential election.

    As Yahoo Finance’s Allie Canal reports, shares in the company — the home of Trump’s social media platform, Truth Social — have been on a wild ride over the past week, with the up-and-down moves mostly tied to Trump’s chances of reclaiming the White House.

    The stock is down about 10% over the past five days, although shares have rallied nearly 120% in the past month.

    Read more here.

  • Ines Ferré

    Weekly initial jobless claims jump to 221,000

    Initial jobless claims jumped to 221,000 last week, an increase of 3,000 from the previous week’s revised level, according to data released by the US Department of Labor on Thursday morning.

    The previous week’s level was revised up by 2,000 from 216,000 to 218,000.

    Meanwhile, continuing claims came in at 1,892,000, an increase of 39,000 from the previous week’s revised level.

  • Jenny McCall

    Good morning. Here’s what’s happening today.

    Here’s a look at the big economic and market themes happening today as Wall Street adjusts to Donald Trump’s coming return to the White House. The Federal Reserve is expected to cut interest rates by 25 basis points today, aiming for stability and avoiding surprises following Trump’s victory in the election.

    Economic data: Fed interest rate decision; Initial jobless claims, (week ending Nov. 2)

    Earnings: Affirm (AFRM), Airbnb (ABNB), Block (SQ), Datadog (DDOG), DraftKings (DKNG), Halliburton (HAL), Hershey (HSY), Moderna (MRNA), Pinterest (PINS), Rivian (RIVN), The Trade Desk (TTD)

    Here are some of the biggest stories you may have missed overnight and early this morning:

    Fed likely to cut rates as Powell seeks stability after Trump win

    US bond yield spike sends warning to ‘king of debt’ Trump

    How Elon Musk’s latest government bet paid off

    YF columnist Rick Newman: Americans want to return to a place that no longer exists

    DJT short sellers get hammered by a $420M loss

    How Elon Musk’s latest government bet paid off

    Moderna stock rises on surprise COVID vaccine profit

    Bank of England cuts interest rates to 4.75%

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