Investors shifted focus from some high-flying techs to economic growth stocks, meanwhile the market absorbed the latest rate cut decision by the Fed.
US stocks showed mixed movement on Thursday. The DJIA hit both intraday trading and closing highs, climbing 646 points or 1.3% to close at 48,704.
The Nasdaq, pressured by AI stocks following disappointing results from Oracle (ORCL.US), opened over 100 points lower and closed down 60 points or 0.3% at 23,593. The S&P 500 ticked up 14 points or 0.2% to close at 6,901, also setting a new closing high alongside the DJIA.
Visa (V.US) was upgraded at Bank of America, leading to a hike of over 6% at close, which helped the DJIA break ceilings. Economic cyclical stocks like Home Depot (HD.US) jumped up 1.8%.
Techs performed poorly, with Oracle's 2FQ revenue increasing by 14%, missing expectation. In addition, increased capital expenditure heightened investor concerns about the company's debt, denting its share price by 11% at close.
Other AI stocks were also sold off, with Nvidia (NVDA.US) and Broadcom (AVGO.US) dropping over 1%. Adobe (ADBE.US) ballooned 2% post-results against the market trend.
Large techs weakened. Alphabet (GOOG.US) waned over 2%, while Tesla (TSLA.US) lost 1%.
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AASTOCKS Financial News
Website: www.aastocks.com
| SG Top Picks |
| Stock & Type |
Code |
Strike(Call Level) |
Last |
Effective Gearing |
| Nvidia (C) |
10055 |
230 (-) |
0.123 |
6.3 X |
| Nvidia (P) |
10057 |
165 (-) |
0.217 |
4.0 X |
| AMD (C) |
10760 |
225 (-) |
0.620 |
3.3 X |
| AMD (P) |
10777 |
155 (-) |
0.178 |
3.0 X |
| APPLE (C) |
10079 |
320 (-) |
0.197 |
7.6 X |
| APPLE (P) |
10793 |
210 (-) |
0.036 |
9.1 X |
| ALPBE (C) |
10080 |
360 (-) |
0.430 |
4.9 X |
| ALPBE (P) |
10012 |
230 (-) |
0.140 |
4.6 X |
| TSLA (C) |
10010 |
530 (-) |
0.465 |
5.5 X |
| TSLA (P) |
10011 |
370 (-) |
0.325 |
4.6 X |
| Broadcom (C) |
10072 |
435 (-) |
0.580 |
4.8 X |
| Broadcom (P) |
10073 |
310 (-) |
0.290 |
4.1 X |
