Nasdaq notches record high close as investors focus on earnings
The S&P 500 posts 13 new highs and 20 new lows; the Nasdaq records 57 new highs and 243 new lows
On October 5, the Nasdaq achieved a record high closing price, propelled by Nvidia and Microsoft as investors turned their attention to lower oil prices and upcoming quarterly earnings reports. This marked the second consecutive day of strong gains for the Nasdaq, following weaker-than-expected job data released on Friday that dampened hopes of an interest rate hike from the US Federal Reserve.
Nvidia surged 2.1% to reach a record high, driving its market value to $5.76 trillion, while Microsoft climbed 1.5%. Meta Platforms and Tesla also experienced gains of around 2% each. Oil prices fell as Middle Eastern exports increased and the G7 nations agreed to boost supply. Art Hogan, chief market strategist at B Riley Wealth, noted that investors were seeking positive news amid a light economic data calendar and earnings announcements just a week away.
The S&P 500 rose 0.66% to close at 7,773.95 points, while the Dow Jones Industrial Average increased 0.18% to 51,267.90 points. The Nasdaq's previous record high was reached on September 22. Notable gains included PTC's 33% jump following a $22.6 billion acquisition by Schneider Electric, and Cerebras Systems' 9% increase after OpenAI CEO Sam Altman announced a close partnership with the company.
The S&P 500's 13 new highs and 20 new lows contrasted with the Nasdaq's 57 new highs and 243 new lows, with relatively light trading volume of 16.8 billion shares traded.
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