US Stock Market Today: S&P 500, Nasdaq Rise As AMD Stock Zooms Nearly 9% In Early Trade
The benchmark US stock market indices rebounded on Wednesday on the back of a surge in major tech stocks like Advanced Micro Devices Inc. and Nvidia Corp.
The S&P 500 rose 0.29% to 6,866.30, while the tech-heavy Nasdaq Composite climbed 0.12% to 23,496.26. The Dow Jones Industrial Average extended its gains to open 0.74% higher at 48,281.58.
Early Trade Highlights
In the early minutes of trade, AMD’s stock rose nearly 9% to $257.65, while Nvidia’s scrip was trading 0.16% higher at $193.39. Although Nvidia faced some volatility and erased its gains to trade 0.63% lower.
Palantir Technologies Inc. slipped 3% to trade at $195, along with Apple Inc‘s stock, which fell 0.75% to $273.11.
Sectoral Indices
As the US markets opened, six out of the 11 sectoral indices traded in the red, with decline led by the communications sector, while the remaining five traded in the green with gains led by financials sector.
Commodity Prices
Spot gold prices climbed 0.90% to trade higher at 4,164.48; whereas crude oil prices fell with the West Texas Intermediate trading 3.08% lower at $59.13 a barrel and brent crude trading 2.82% lower at $63.33.
Currency Markets
The Bloomberg Dollar Spot Index rose 0.2%, while the euro was little changed at $1.1573. The British pound 0.4% to $1.3098 and the Japanese yen fell 0.5% to 154.92 per dollar.
Cryptocurrency Market
Bitcoin, the largest traded crypto currency, rose 1.2% to $103,872.98.
Impact on Indian Investors
The US stock market’s rebound is likely to have a positive impact on Indian investors, who have been closely watching the global market trends. The surge in tech stocks like AMD and Nvidia is likely to boost investor sentiment in the Indian stock market.
Indian investors can benefit from the US stock market’s rebound by investing in US stock market ETFs or by investing in Indian companies that have a strong presence in the US market.
Conclusion
In conclusion, the US stock market’s rebound on Wednesday was driven by a surge in major tech stocks like Advanced Micro Devices Inc. and Nvidia Corp. The S&P 500 and Nasdaq Composite both rose, while the Dow Jones Industrial Average extended its gains. Indian investors can benefit from the US stock market’s rebound by investing in US stock market ETFs or by investing in Indian companies that have a strong presence in the US market.