The New York stock market closed with mixed results on Wednesday, buoyed by strong performance in the tech sector.
While the Dow Jones Industrial Average, comprising 30 blue-chip stocks, fell for the second straight day due to weakness in healthcare stocks, the tech-heavy S&P 500 and Nasdaq continued their upward trajectory for the sixth consecutive trading day since May 7.
Nvidia and Tesla both surged over 4% on the day, while Apple dropped 0.3%, ceding the second position in market capitalization to Nvidia.
Six-day Rally Continues
Technology stocks led the rally as U.S. President Donald Trump shifted the trade war to negotiation.
The Nasdaq climbed 136.72 points (0.72%) to 19,146.81, while the S&P 500 added 6.03 points (0.10%) to reach 5,892.58.
After fluctuating throughout the session, the S&P 500 ultimately settled into positive territory.
Year-to-date, the S&P 500 is up 0.19%, while the Nasdaq has narrowed its losses to just 0.85%, nearly recovering from its earlier decline.
The Dow, however, fell 89.37 points (0.21%) to close at 42,051.06, marking its second consecutive day of losses and slightly widening its year-to-date decline to 1.16%.
Nvidia Turns Positive for the Year
Nvidia became the third among Magnificent Seven tech stocks to turn positive for the year.
Nvidia stock surged 5.41 USD (4.16%) to 135.34 USD.
Its shares have skyrocketed over 16% in just three days, and have soared more than 56% from their intraday low of 86.62 USD on April 7.
Following the large semiconductor order secured in Saudi Arabia yesterday, the day’s gain was boosted by securing a 500,000-unit order from the United Arab Emirates (UAE), coupled with the positive news that the U.S. Commerce Department plans to withdraw controls on semiconductor exports to China.
Tesla also saw significant gains, jumping 13.61 USD (4.07%) to 347.68 USD.
Tesla has now rallied for seven consecutive trading days since May 7, with its stock price surging 26.3% during this period.
While still down nearly 14% year-to-date, Tesla is getting closer to positive territory.
The latest surge was triggered by a Financial Times report suggesting that Tesla’s board is preparing a new compensation package for CEO Elon Musk.
SMCI Soars 16%
Super Micro Computer (SMCI), an AI server company, continued its explosive rise for the second straight day.
After jumping 16% the previous day, SMCI surged another 6.11 USD (15.71%) to close at 45.00 USD.
The company’s stock has rocketed nearly 41% over just three days this week.
Investment bank Raymond James recently initiated coverage on SMCI with an outperform rating and a 41 USD price target.
Nuclear energy startup Oklo saw its shares surge 16% following better-than-expected quarterly results. Thanks to its first-quarter loss of 0.07 USD per share significantly beating the market’s forecast of 0.11 USD, Oklo’s stock surged 4.98 USD (15.55%) to 37.01 USD.
Israeli stock trading platform eToro exploded by nearly 30% in its first day of trading today.
The stock closed its first trading session at 67.00 USD, up 15.00 USD (28.85%) from its initial public offering price of 52 USD.
eToro sold approximately 6 million shares at 52 USD, exceeding its initial target range of 46 USD – 50 USD. The company’s valuation, which stood at around 4.2 billion USD at the time of its IPO, grew to 5.419 billion USD by the end of its first trading day.
