US Stock Market Today: Wall Street Extends Gains On Strong Tech Boost
The US stock market opened in the green on Thursday, extending gains after strong quarterly earnings by tech giants. The tech-heavy Nasdaq Composite gained 0.47% or 90.77 points to open at 22,760.85. The S&P 500 opened 0.31% or 20.55 points higher at 6,691.61. The Dow Jones Industrial Average opened 0.26% or 117.97 points up at 46,371.28.
Strong Quarterly Earnings by Tech Giants
According to Bloomberg reports, ‘A solid batch of corporate results in the first few days of the US earnings season helped buoy sentiment toward equities, which have also gained on prospects for more Federal Reserve rate cuts’. Besides this, AI growth received a sentiment boost from Taiwan Semiconductor Manufacturing Co. after it presented a strong outlook.
As of 8 p.m. IST S&P 500 was trading 0.34% higher, while Dow Jones and Nasdaq traded 0.12% and 0.69% higher respectively.
Top Gainers and Losers
Salesforce Inc., J.B. Hunt Transport Services Inc., and Western Digital Corp. were some of the top gainers for the day. Tech giants like Intel Corp. and Microsoft Corp. also gained, trading 0.65% and 0.25% higher respectively. Scrips of Tesla and Meta Platforms also traded in the green. On the other hand, Apple Inc.‘s stock traded 0.85% lower at 247.22
Sectoral Indices and Commodities
After the markets opened, seven out of the 11 sectoral indices traded in the green with communications and utilities sectors leading the rally, and four traded in the red, with financials and energy sectors leading the decline. The other two sectors trading lower were Healthcare and materials sectors.
As the US market opened, spot gold rose 1.39% to $4,266.09 an ounce. Crude oil prices rose, with the West Texas Intermediate trading 0.09% higher at $58.33 per barrel and Brent Crude trading 0.08% at $61.96 a barrel.
The Bloomberg Dollar Index rose 0.1%, with the British Pound rising 0.2% at $1.3354 while the Japanese yen stayed little changed at 151.18 per dollar.
Bitcoin, the largest traded cryptocurrency, was little changed at $111,167.22.
Impact on Indian Investors
The strong performance of the US stock market, particularly the tech-heavy Nasdaq Composite, can have a positive impact on Indian investors. Many Indian investors have investments in US-based tech companies, and a strong performance by these companies can lead to gains in their investment portfolios.
Additionally, a strong US stock market can also have a positive impact on the Indian stock market. The Nifty 50 and Sensex often follow the trends of the US stock market, and a strong performance by the US market can lead to gains in the Indian market as well.
Conclusion
In conclusion, the US stock market saw a significant boost from tech giants, with the Nasdaq Composite gaining 0.47%. This can have a positive impact on Indian investors, particularly those who have investments in US-based tech companies. Additionally, a strong US stock market can also have a positive impact on the Indian stock market, leading to gains in the Nifty 50 and Sensex.
