Thursday, April 24, 2025

Nvidia Surges 5.4%, While Tesla Drops 3.6% in Latest Market Moves

UPI Yonhap
UPI Yonhap

The New York stock market extended its gains on Wednesday.

The Dow Jones Industrial Average rose the most, followed by the S&P 500 and Nasdaq, resulting in all three major indices closing higher.

This marked two consecutive days of gains.

Nvidia soared 5.4% on expectations that it would maintain its dominance in the AI semiconductor market, while Tesla tumbled 3.6%.

Two-Day Winning Streak

After a two-day slide following President Donald Trump’s tariff announcement on January 31, Wall Street rebounded for 2 days from Tuesday.

Investors were reassured that Trump had delayed tariffs on Mexico and Canada for a month, indicating that Trump might have used tariffs as a negotiating tool.

All three major indices climbed.

The Dow jumped 317.24 points (0.71%) to 44,784.73.

The S&P 500 rose 23.60 points (0.39%) to close at 6,061.48, while the Nasdaq staged a late rally, finishing up 38.31 points (0.19%) at 19,692.33.

The CBOE Volatility Index (VIX), the “Wall Street fear gauge,” dropped for two consecutive days.

After plummeting 7.6% the previous day, the VIX fell another 1.44 points (8.37%) to 15.77.

Nvidia Surges, AMD, and Alphabet Tumble

Nvidia rivals AMD and Alphabet stocks plunged due to disappointing quarterly results released after the previous day’s close.

Alphabet’s stock hit as its revenue missed market expectations amid slowing cloud growth. The company announced a plan to invest $75 billion this year in various sectors, including AI, further pressuring the stock.

AMD shares plummeted as it appeared unable to challenge Nvidia in the AI semiconductor market.

Alphabet shares plummeted $15.05 (7.29%) to $191.33, while AMD dropped $7.49 (6.27%) to $112.01.

Nvidia stock soared $6.18 (5.21%) to $124.83, driven by the confirmation of its dominance in the AI chip market and growing demand expectations following Alphabet’s massive investment plans.

Meanwhile, Apple and Tesla shares declined.

Apple stock dropped on reports that Chinese regulators might target its App Store policies in retaliation for Trump’s tariffs. However, Wedbush Securities analysts noted that the impact on Apple’s earnings would be limited due to the App Store’s minimal revenue from China, helping Apple narrow the losses in late trading.

Apple closed down $0.33 (0.14%) at $232.47.

Tesla shares experienced a sharp decline.

Fears intensified that countries might target Tesla, particularly against CEO Elon Musk, in response to Trump’s tariffs.

Tesla plunged $14.04 (3.58%) to $378.17.

Global Oil Prices Sink 2.9%

International oil prices tumbled over 2%.

U.S. oil inventories were much higher than market expectations, triggering the sharp decline.

The international oil benchmark of Brent crude had risen the previous day but saw a steeper drop than West Texas Intermediate (WTI), the U.S. benchmark.

Brent crude for April delivery dropped $1.59 (2.87%) to $74.61 per barrel.

WTI for March delivery fell $1.67 (2.30%) to $71.03 per barrel.

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