Market Recap (2/25/24)
Market Recap of the Week of February 20, 2024 - February 23, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week was cut short due to the United States federal holiday: President’s Day. However, this did not stop all four major indices from posting significant weekly gains. The New York Stock Exchange Composite rose 221 points (+1.27%), the S&P 500 rose an astounding 98 points (+1.96%), the NASDAQ Composite rose 296 points (+1.88%), and the Dow Jones Industrial Average increased 482 points (+1.25%). This past week was largely influenced by the earnings report release of the mega-cap company Nvidia.
Source: Apple Stocks Application
On Tuesday, the market trended down mainly as a result of two events. First, there was widespread anxiousness throughout the market regarding Nvidia’s earnings set to be released the following day. Additionally, the negative market reaction to the consumer and wholesale price inflation data released last week persisted throughout Tuesday’s trading session. These concerns pushed over into Wednesday’s session as well. On top of this, the Federal Reserve’s minutes for the January 30-31 meeting were released which reiterated Fed policymakers’ concerns regarding cutting rates too soon and how long the Fed should keep borrowing costs at such extreme levels.
Source: Apple Stocks Application
On Wednesday evening, Nvidia released its quarterly earnings reports and completely crushed expectations by nearly $2 billion. The company beat its consensus forecasts in every single revenue and profit category and its diluted earnings per share. This therefore caused a 9% surge in the stock after hours and finished the day up 16.34%. The stock recorded the largest total market capitalization jump in a single trading session increasing $277 billion in value in one day. Nvidia ended up eclipsing the $2 trillion market valuation feat early on Friday morning; however, it finished the day just under the $2 trillion mark. This overall surge helped propel the market, especially the major indexes and any company with even slim relations to AI.
Past Earnings Report:
Looking Towards the Future
Future Earnings Reports: