Midday Market Brief: Big Tech Takes Over

Nvidia is back to its winning ways, lifting tech stocks and pushing the broader S&P 500 index to another all-time high.

Photo illustration by Connor Lin / The Daily Upside

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With much of the economic data this week comprising a mixed bag, the market had to rely on its old standby to lift stocks higher on Wednesday.

Nvidia was up 3.8%, helping the Nasdaq to a 1.6% gain, as well as pushing the S&P 500 to an all-time high. That’s not to say there weren’t some decent tech earnings lifting investors’ spirits (more on that below), but it’s yet another day to marvel at Nvidia’s run: Its shares are up 35% in the past month and have jumped 142% in the past 12 months.

As for that mixed economic bag, the ADP report showed an easing in hiring and wage growth that could be a scene-setter of Friday’s important job report. That data, along with the ISM Non-Manufacturing Survey showing a slowdown, helps the prospects for a future interest-rate cut. On the other hand, the ISM report also showed expanded business activity in May, which keeps wait-and-see mode as the default.

Movers & Shakers

Here are some of the stocks making news today:

  • CrowdStrike shares were up 11.3% after the company’s strong earnings report, which included raising its outlook for its current quarter and full year.
  • Hewlett-Packard Enterprise gained 12.8% after a similarly strong report and boost to future expectations. One thing helping: a huge increase in orders for the company’s AI servers.
  • Dollar Tree stock was off 4.5% after a disappointing earnings report, which resulted in part from a shorter Easter selling season and a cold, wet spring. The discount retailer also said it plans to review “strategic alternatives” for its struggling Family Dollar unit. This follows the company’s announced plans last year to close 970 underperforming Family Dollar locations.