Markets finished in the green today as tech strength carried indexes closer to record highs. The S&P 500 (^GSPC 1.52%) rose 0.56% to 6,881.31, the Nasdaq Composite (^IXIC 1.78%) gained 0.78% to 22,753.63, and the Dow Jones Industrial Average (^DJI 1.56%) added 0.26% to 49,662.66.
Market movers
A chip partnership between Nvidia (NVDA 1.53%) and Meta Platforms (META 2.52%) helped power and megacap techs higher today. Palantir Technologies (PLTR +1.25%) gained 1.77% to close at $135.38 after Mizuho (MFG 3.68%) upgraded the stock to “Outperform” and set a $195 price target.
Social-media name Snap (SNAP 4.22%) and Moderna (MRNA 4.54%) also advanced. Energy stocks moved upwards, but HF Sinclair Corporation (DINO +1.58%) fell after announcing the departure of its CEO amid an internal review of its disclosure processes.
What this means for investors
The Nvidia-Meta deal dominated financial news after Meta’s after-market announcement yesterday that it would use Nvidia tech for its data centers. It boosted confidence in demand for artificial intelligence (AI) infrastructure and eased fears that competitors would eat into Nvidia’s market share.
Data released today showed industrial production rose in January, outperforming expectations. Housing data demonstrated rising inventory and stabilizing demand. The minutes of January’s Fed meeting gave more insight into discussions, with some members advocating further cuts if inflation drops.
Energy stocks gained as oil prices rose due to continued geopolitical uncertainty. Brent crude prices have gained over 15% and the State Street Energy Select Sector SPDR ETF (XLE +0.93%) has risen over 22% since the start of the year.
