The Week In Review


The major averages closed mixed after a strong start to the day following better than expected earnings from Nvidia yesterday. The Dow Jones Industrial Average finished up 62 points after rallying 150 points on the open. The S&P 500 inched up a point, closing at a new high. The Nasdaq Composite pulled back 44 points after rallying nearly 3% yesterday.

Nvidia closed modestly higher after opening 3% higher and rallying 16% yesterday. The market cap for Nvidia surpassed the $2 trillion valuation today before pulling back. The rest of the tech sector was relatively quiet today. Adobe and Palo Alto Networks were both up over 2%. Both stocks, however were rebounding after big drops earlier in the week.

In the finance sector, Block jumped 16% even though they missed earnings estimates. Revenue jumped 21%. The banks are for the most part higher this morning. JP Morgan was higher even as their CEO Jamie Dimon sold $125 million worth of stock.

Elsewhere, Live Nation Entertainment rose 2% following strong earnings and demand for concerts. Thank you, Taylor Swift. Carvana jumped 34% after the company posted their first-ever annual profit.

U.S. Treasury yields were quiet today, but have been quietly creeping higher this week on comments from Fed officials saying they don't expect any rate cuts any time soon. The yield on the 10-year Treasury finished at 4.25%. The 2-year Treasury  yield closed at 4.69%.

All three major averages registered winning weeks. The S&P 500 advanced 1.66%, while the tech-heavy Nasdaq gained 1.4% this week. The Dow was up 1.3% for the week.

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