Nasdaq, S&P 500 Pop Amid Tech Sector Buzz

The U.S.' AAA rating was downgraded

Deputy Editor
May 25, 2023 at 11:49 AM
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The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are both higher this afternoon, as Nvidia's (NVDA) outperformance boosts the tech sector. The Dow Jones Industrial Average (DJI), meanwhile, sports a triple-digit midday deficit, after the U.S.' AAA rating was placed on a negative rating watch by Fitch Ratings.

Continue reading for more on today's market, including: 

  • More on Nvidia stock's record highs. 
  • Snowflake stock eyeing worst day ever.
  • Plus, investor takes bigger stake in Coupang; Nvidia boosts Beamr Imaging stock; and Dollar Tree's earnings blunder.

Midday Market Stats May 252023

Coupang Inc (NYSE:CPNG) is seeing an increase in call activity after investment firm Lord Abbett & Co. increased its stake in the company by 8.9%, though the shares are down 1.7% at $15.46 at last glance. So far, 30,000 bullish bets have exchanged hands -- 16 times the intraday average volume -- with new positions opening at the most popular June 17 call contract. Over the last 12 months, CPNG is more than 17% higher. 

While NVDA is the star of today's show, the company is actually helping Beamr Imaging Ltd (NASDAQ:BMR) stand at the top of the Nasdaq this afternoon. Shares were last seen 157.7% higher at $5.67, after Nvidia announced the release of Video Codec SDK 12.1, with new APIs that will support Beamr Imaging's Content Adaptive Bit Rate (CABR) library. Quarter-to-date, BMR is up nearly 250%.

Conversely, Dollar Tree Inc (NASDAQ:DLTR) is near the bottom of the Nasdaq, after the discount retailer missed first-quarter earnings expectations and cut its full-year profit guidance. Shares were last seen down 14.6% at $132.72, moving below their year-to-date and year-over-year breakeven levels.

DLTR Chart May 252023

 

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