Record Highs for Dow, SPX as Stocks Bounce Back

Nvidia's absurd revenue growth is powering the tech sector

Managing Editor
Feb 22, 2024 at 11:55 AM
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Wall Street has bounced back in a big way today, with the Dow Jones Industrial Average (DJI) last seen up 267 points and earlier hitting a new record high. The S&P 500 Index (SPX) hit a record high of its own , while the Nasdaq Composite (IXIC) is on track for its best single-session gain since November 2022. The story -- as it has been all week -- is Nvidia (NVDA), with the chipmaker's artificial intelligence (AI)-driven 256% year-over-year increase in total revenue powering the entire tech sector. 

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

  • A deep dive into what Nvidia's earnings impact.
  • E-tail stock sits out of broad market rally. 
  • Plus, puts pop after AT&T outage; cruise stock breaks out; NEM deep in the red.

MMC Stats Feb 22

AT&T Inc (NYSE:T) is getting blitzed by options bears today. The stock was last seen down 2.7% to trade at $16.54, after over 74,000 customers reported network outages across the country. At last check, over 71,000 puts have changed hands, volume that's seven times the average intraday amount. The weekly 16.50- and 16-strike puts are the most popular, with new positions being bought to open. T is now down 15% year-over-year. 

Royal Caribbean Cruises Ltd (NYSE:RCL) is one of the best stocks on the SPX today, last seen up 7.7% to trade at $123.77. The cruise operator raised its full-year guidance thanks to a surge in demand. J.P. Morgan Securities and Stifel hiked their price targets to $151 and $174, respectively, in response. RCL is 74% higher in the last 12 months, with its February pullback finding support at its 80-day moving average. 

MMC Stock Chart RCLNewmont Corporation (NYSE:NEM) stock is near the bottom of the pile today, down 5.9% to trade at $31.50. The miner reported fourth-quarter earnings that fell short of estimates, and announced intentions to divest six non-core assets. NEM is now 23.4% lower in 2024, and earlier hit a five-year low of $31.45.

 

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