Nasdaq Eyes 3rd-Straight Win as Nvidia Extends Rally

The Dow and S&P 500 are also higher

Deputy Editor
Jun 5, 2024 at 12:01 PM
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Another day, another record high for Nvidia (NVDA). The artificial intelligence (AI) darling is leading the charge as the broader tech sector rallies and investors unpack today's ADP private payroll data, which was lower than expected. What's more, the ISM services index indicated 53.8% of purchase managers reported expansion in May, rising more than the 50.7% estimate.

In response, the Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) are higher, while the tech-heavy Nasdaq Composite (IXIC) is sporting a triple-digit lead as it paces for a third-straight daily win.

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

Midday Market Stats 2 June 052024 

Dollar Tree Inc (NASDAQ:DLTR) is 4.8% lower at $114.51 at last glance, after the discount retailer announced first-quarter results that matched analysts' expectations. Further, the company's CEO Rick Dreiling said it's looking into possibly selling Family Dollar, a chain it acquired in 2015. In turn, 16,000 calls and 22,000 puts have crossed the tape so far today, which is seven times that average intraday volume. Positions are opening at the top seven spots, led by the July 110 put. Dollar Tree stock is now down 16.1% this year.

While not trading anywhere near its May 14 surge to a roughly three-year high of $64.83, shares of meme stock GameStop Corp (NYSE:GME) are continuing to climb today, last seen 12.1% higher at $29.70. There's been a lot of speculation around the retail darling since Reddit user Keith Gill, better known asRoaring Kitty, reappeared online. GME is now 69.6% higher for 2024.

Mizuho and RBC cut their price targets on Snowflake Inc (NYSE:SNOW) to $180 and $183, respectively. In response, SNOW is down 3.3% at $130.18 at last check, trading at its lowest level since January 2023. Since the start of the year, Snowflake stock is down 33.7%.

SNOW Chart June 052024

 

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