Tech Stocks Power S&P 500 and Nasdaq Gains

Barry Adams
07 Mar, 2024
New York City

Benchmark indexes on Wall Street attempted to rebound for the second day in a row after struggling to advance in the previous three sessions. 

Semiconductor stocks led the gainers amid the continuing enthusiasm about the boom related to artificial intelligence applications. 

Treasury yields held steady ahead of the release of nonfarm payroll data on Friday, and investors reviewed the slight decline in the number of job openings to 8.9 million at the end of January. 

Market indexes are trading near record highs, and sentiment remains positive despite the growing consensus that interest rates are likely to stay higher for at least three more months. 

 

U.S. Indexes and Yields

The S&P 500 index increased 0.7% to 5,140.89, and the Nasdaq Composite advanced 0.9% to 16,163.79. 

The yield on 2-year Treasury notes decreased to 4.55%, 10-year Treasury notes inched down to 4.08%, and 30-year Treasury bonds edged down to 4.22%.

WTI crude oil decreased $0.39 to $78.73 a barrel, and natural gas prices decreased 1 cent to $1.93 a thermal unit.

Gold increased by $10.46 to $2,158.89 an ounce, and silver rose 9 cents to $24.25. 

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 103.23.

 

U.S. Stock Movers

American Eagle jumped 11.7% to $26.20 after the specialty apparel retailer reported better-than-expected quarterly results. 

The company also took on an impairment and restructuring charge of $98.3 million related to its internal logistics business, Quiet Platform, which the company put together through various acquisitions during the COVID-19 pandemic years between 2020 and 2022. 

Revenue in the holiday quarter increased 12% to $1.68 billion from $1.5 billion, net income plunged to $6.3 million from $54.6 million, and diluted earnings per share dropped to 3 cents from 28 cents a year ago. 

Novo Nordisk increased 6.7% to $133.22 after the Danish pharmaceutical company announced positive Phase 1 trial data for its experimental obesity drug, amycretin. 

New York Community Bancorp advanced 1.1% to $3.50 after the company announced a $1 billion capital raise on Wednesday.

Victoria's Secret dropped 27.4% to $18.60 after the specialty apparel retailer reported mixed quarterly results and announced an outlook that fell short of market expectations.