Nvidia's blowout earnings report is boosting tech stocks
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.
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.
