PremiumShare Market Updates: Sensex and Nifty pared morning gains and ended in the red with Sensex and Nifty shedding around 0.3% each in spite of positive global cues.
IT sector shines, while PSU Bank, Energy and Consumer Durable drag. Jio Financial Services once again hit the lower circuit on Thursday with RIL shedding almost 2% in today's session.
Asian shares rallied on Thursday after blockbuster results from tech darling Nvidia boosted Wall Street and a retreat in U.S. bond yields eased pressure on borrowing costs globally.
Investors are anticipating clues about the future direction of interest rates as officials of the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan are to meet in Jackson Hole, Wyoming, later this week for their yearly conference on central banking.
Indian shares rose at the start in tandem with their Asian peers. However, the mood turned grim in the second half with indices ending in the red with minor losses. The mood of the market in early trading was lifted by the overnight rally in Wall Street and a slide in U.S. Treasury yields.
The Nifty 50 index dropped 60 pts to end at 19,386, while the S&P BSE Sensex shed 180 pts to close at 65,252. The more domestically focused mid-caps and small-caps scaled fresh record highs.
PSU Bank index shed more than 0.5% with Auto, Energy and Pharma also ending in the red. IT index jumped more than 0.5%. Most sector indices ended around yesterday's close.
Jio continued to drag as it hit the lower circuit once again. RIL and L&T were other major droppers. Adani Enterprises, IndusInd bank and Infosys jumped more than a per cent each.
Asian shares rallied on Thursday after blockbuster results from tech darling Nvidia boosted Wall Street and a retreat in U.S. bond yields eased pressure on borrowing costs globally.
Japan's Nikkei share average rose for a fourth straight session, its longest winning streak since mid-June, as U.S. chip designer Nvidia's record earnings lifted Japanese tech shares. The Nikkei finished up 0.87%, near the day's high, taking its gains for the week to 2.66%.
China stocks rebounded on Thursday as some investors bought the dip following recent slumps, while a rally in broader Asian markets also helped sentiment.
China's blue-chip CSI 300 Index rose 0.7% at close, while the Shanghai Composite Index edged up 0.1%. Hong Kong's Hang Seng Index added 2.1% and the Hang Seng China Enterprises Index jumped 2.5%.
European shares hit one-week highs on Thursday, with chipmakers lifting the technology sector after industry bellwether Nvidia far exceeded expectations with its quarterly revenue forecast, and as easing bond yields also improved risk sentiment.
UK's FTSE 100 hit a one-week high on Thursday, driven by rate-sensitive real estate and personal goods shares as investors dialled back bets of interest rates remaining higher for longer.
South Eastern Coalfields Limited (SECL) on Thursday said it has signed an agreement with Pelma Collieries to operate the Pelma opencast mine under the innovative mine developer and operator (MDO) mode.
"SECL’s Pelma mine will become the first opencast mine in Chhattisgarh under MDO (Mine Developer and Operator) mode. South Eastern Coalfields Limited (SECL) has signed an agreement with Pelma Collieries to operate Pelma opencast mine located in Raigarh area," the ministry of coal said. (Read More)
Renewable energy solution provider Suzlon Group on Thursday said it has bagged an order from Integrum Energy Infrastructure for the development of a 31.5-MW wind energy project.
"Suzlon will execute the project with a scope of supply, installation, and commissioning. Additionally, Suzlon will offer post-commissioning operation and maintenance services," the company said in a statement.
The project is expected to be commissioned in May 2024, it added. (Read More)
Vishnu Prakash IPO: The initial public offering (IPO) of Vishnu Prakash R Punglia Limited opened for subscription on Thursday, August 24. The ₹308.88-crore Vishnu Prakash IPO has received strong response from investors within hours of the bidding process opening.
Vishnu Prakash IPO price band has been at ₹94 to ₹99 per equity share and the IPO subscription period will end on August 28, 2023. (Read More)
Trade Secretary Kemi Badenoch's visit to India for a meeting of G20 trade ministers this week signals that UK trade talks with India are entering their "final but trickier" stages, according to UK government sources, reported BBC News.
Despite speculation about the possibility of a trade deal before Rishi Sunak's visit to India in September, UK government insiders have indicated that there are no expectations for a full deal to be reached by then.
While officials express hope that a deal could be within reach in the coming months, they emphasise that there are still significant challenges to overcome. (Read More)
Procter & Gamble Health on Thursday said its profit after tax declined by 27 per cent to ₹30 crore in the quarter ended June 2023, hit by a higher material cost and one-time employee cost.
The company, which follows the July-June financial year, had reported a profit after tax (PAT) of ₹41 crore in the same quarter last year.
Total income increased to ₹307 crore in the April-June quarter from ₹299 crore in the year-ago period, Procter & Gamble Health said in a statement.
For the year ended June 30, 2023, the company reported a PAT of ₹229 crore, up 19 per cent from ₹192 crore in the previous fiscal.
Total income rose to ₹1,248 crore as compared with ₹1,128 crore in the previous year. (PTI)
Nvidia Corp. shares were set to hit a record high in early trading after the chipmaker at the forefront of an industrywide artificial intelligence race delivered a third-straight sales forecast that surpassed Wall Street estimate.
Shares rose 8.7% to $512 before markets in New York opened on Thursday after Nvidia said sales will be about $16 billion in the three months ending in October. If the gain holds, it will mark a record. Analysts had estimated just $12.5 billion, according to data compiled by Bloomberg. Nvidia’s results last quarter also blew past projections, and it approved an additional $25 billion in stock buybacks.
The outlook underscores Nvidia’s role as the key beneficiary of the AI computing boom. Faced with skyrocketing demand for chatbots and other tools, data center operators are stocking up on the company’s processors, which are adept at handling the heavy workloads required by artificial intelligence. That’s helped Nvidia quickly pull out of an global chip slump and accelerate sales growth to its fastest rate in years. (Bloomberg)
Deepak Shenoy, Founder and CEO of Capitalmind explained that index funds need to force sell JFSL shares worth roughly around ₹2,700 crore before the stock is removed from the indices.
JFSL shares were to be excluded from Nifty and Senex on August 23, but with the heavy beating and the stock hitting lower circuit limits consistently, the exclusion has been extended to August 28.
In a post on social media platform X, formerly Twitter, Shenoy noted that the total asset under management (AUM) index funds that track Nifty50 index is around ₹2,70,000 crore. (Read More)
In the current fiscal year, Hindustan Zinc Limited (HZL), which operates as a subsidiary of Vedanta Limited, intends to elevate its zinc production capacity from 1 million tons per annum (mtpa) to 1.5 mtpa.
“Zinc will play a key role in India’s growth story... We are looking forward to at least 3-4% growth in the sector and plan to ramp up our production from 1 million tonnes to 1.5 million tonnes per annum," Priya Agarwal Hebbar, chairperson of HZL and non-executive director of Vedanta Ltd, said at the company’s 57th annual general meeting (AGM). (Read More)
Bilateral trade between India and Kuwait has touched an all-time-high of USD 12.5 billion, Indian ambassador to Kuwait Adarsh Swaika said, according to the Arab News Online.
Trade between the two countries have has seen a 90 per cent yearly jump and while currently it is skewed towards hydrocarbon exports from Kuwait and exports of mainly food products from India, bilateral trade has the potential for diversification the envoy said.
“There are excellent possibilities in pharmaceuticals and medical devices, automobiles and related spares, electronics goods and components, high-efficiency solar PV modules, textiles and apparel, white goods, ceramics, etc. But the main potential area of cooperation is in the field of investments from Kuwait to India because of the attractive political and financial investment climate that the country provides, the Indian ambassador told Arab News online. (ANI)
BRICS - Brazil, Russia, India, China and South Africa: 6 more countries become members. The new members include Argentina, Iran, the United Arab Emirates, Saudi Arabia, Ethiopia and Egypt.
South Africa's President Cyril Ramaphosa delivered an address on August 24 and declared the names of the new members while announcing the summit's outcomes.
Official sources earlier informed Reuters that the BRICS group of developing nations was on the verge of extending invitations to potential new members.
India will need to invest $12.7 trillion in its energy system, or more than three times its gross domestic product, to reach net zero emissions by mid-century and help the world avert disastrous planetary warming, according to BloombergNEF.
Hitting that target early — ahead of India’s official goal of 2070, which lags the world’s largest economies — will require moving swiftly to clean-up the country’s vast and coal-dependent electricity sector, according to BNEF’s New Energy Outlook for India, published on Thursday.
That means grid investments to handle variable renewable power, and also scaling up the cash going into green energy.
The world’s third-biggest emitter of greenhouse gases currently produces about 70% of its electricity from coal, and the same fossil fuel underpins a range of heavy industries, such as steel, cement and aluminum. That’s despite rapid expansion in renewable energy, with a record-high of 16 gigawatts of utility-scale solar installed in 2022. (Bloomberg)
Delhi High Court on Thursday directed SpiceJet to pay ₹100 crore to Marans by 10th of September or attachment of assets will start. Ajay Singh can also be arrested in case of non-payment by September 10.
The share price of PVR and Inox has undergone a notable upswing, experiencing a surge of more than 26% within the past three months. This rally can be attributed to the optimistic outlook for revenue growth, fueled by robust box office earnings from recently released films.
While PVR Inox shares had exhibited relatively stable performance in the year 2023 until now, there has been a noticeable uptick in momentum since the commencement of Q2FY24. Particularly in the past month, PVR shares have recorded an impressive rise of over 15%.
The July-September quarter commenced on a strong note, benefiting from the success of movies like "Mission Impossible - 7" and "Oppenheimer," which garnered favorable box office collections. Subsequently, "Gadar-2" and "Jailor" made significant impacts on the box office, amassing collections of ₹410 crore and ₹290 crore, respectively.
A gauge of Chinese stocks listed in Hong Kong headed for its best day so far in August, as optimism over earnings drove strong gains in technology shares.
Food delivery behemoth Meituan’s stock surged as much as 7.8% to be the biggest contributor to the advance on the Hang Seng China Enterprises Index, which climbed nearly 3%. The company’s results due later Thursday are expected to show sales surged 32% in the second quarter.
Baidu Inc.’s shares climbed 6%, extending their rally after the company earlier this week reported sales that rose the most in more than a year. The search-engine operator joined China’s largest internet firms such as Alibaba Group Holding Ltd. and Tencent Holdings Ltd. in rediscovering growth. (Bloomberg)
In anticipation of the release of the RBI policy meeting minutes and the highly anticipated speech by US Fed Chairman Jerome Powell at the Jackson Hole meeting, which is set to begin today, the banking and financial sector stocks have been on an upward trend over the past two sessions. Notably, the Bank Nifty index has experienced a substantial surge of more than 950 points over this two-day period. With the exception of HDFC Bank shares, all other stocks within the Bank Nifty index have recorded gains, resulting in a positive trajectory.
During Thursday's trading sessions, shares of various banks have emerged as top gainers. Noteworthy gainers include IndusInd Bank, AU Small Finance Bank, ICICI Bank, Axis Bank, and Bandhan Bank. This positive momentum in the banking and financial sector can be attributed to the pending RBI policy meeting minutes release and Jerome Powell's significant speech at the Jackson Hole meeting. (Read More)
In morning trading on Thursday, the share price of Reliance Industries (RIL) experienced a slight decline of approximately half a percent on the BSE. This came a day after the company's announcement that Qatar Investment Authority (QIA) will be investing ₹8,278 crore into Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited, through a wholly-owned subsidiary. The company stated that this investment values RRVL at a pre-money equity valuation of ₹8.278 lakh crore.
Reliance Retail Ventures Limited revealed that QIA's investment would result in a 0.99 percent ownership stake in RRVL on a fully diluted basis. This development was communicated on Wednesday. (Read More)
Stock markets around the world are headed for a correction in the upcoming months, carrying ahead their weakness from 2022, according to the majority of analysts polled by Reuters.
However, most global equity indices are expected to record marginal gains by year-end from current levels, according to the poll.
A 71% majority of analysts, 55 of 77, who answered an additional question in the August 9-23 poll said a correction by year-end in their local equity market was either likely or very likely. The remaining 22 said unlikely or very unlikely. (Read More)
Himanshu Singh – Research Analyst, Prabhudas Lilladher Pvt Ltd Stock Update - TVS Motor – TVS X EV - Launch of a niche market offering
TVS Motor [TVSL IN| TP: INR1,400 | ACCUMULATE]
TVS Motor introduced its new premium EV product “TVS X" at an introductory price of Rs. 2,49,999. It offers several first-in-the-segment tech and safety features.
PL View: “The product has several segment first features and is positioned as a premium offering when compared to the current EV scooter market in India, it will most likely be focused on the global side to gain traction. TVS could use its strong presence in the global market and also leverage its recent acquisition in the Europe region to showcase the product. Given its premium features and positioning, it's intended for a niche market segment and we don’t expect the model to garner huge volumes. We expect TVS to launch more dedicated EV products focusing on the lower price points to compete against new lower price point launches by peers in the space. The stock trades at c27x PE FY25E we have an Accumulate rating on the stock."
A global shortage of new aircraft has lifted demand and lease rentals for mid-life planes or those that are five to eight years old.
According to Jared Ailstock, managing partner of AIP Capital, an aviation asset management and investment company, airlines are choosing to pay higher fees to extend leases and keep such aircraft on their fleets, a trend that is consistent worldwide.
“Mid-life aircraft, which would normally have been retired, are staying in fleet longer, so airlines are signing early extensions; you see lease rents go up on those aircraft, you are seeing extensions on those planes to keep them on the fleet," Ailstock said in an interview. (Read More)
Tejas Anil Shigrekar, Commodities and Currencies Senior Technical Analyst, Angel One Ltd: The US dollar's recovery has been ongoing and impressive, gaining strength over the past month, fluctuating within the range of 103.60 to 104.15. Notably, during the session on August 23rd, substantial resistance was encountered, creating a zone for profit booking for long dollar positions due to the resistance. Additionally, a bearish candlestick pattern emerged on the daily chart, likely influenced by treasury yields and central bank activities.
The bulls seeking safe havens have returned. During the Wednesday session, Gold prices experienced a rise of ₹245 (0.42%) per 10 grams, while Silver maintained its position above the 74,000 mark, showcasing a robust rally of ₹2022 (2.81%) per kilogram. In the NYMEX market, Gold and Silver reached USD 1920 (1%) per ounce and USD 24.36 (4%) per ounce respectively.
Looking ahead to the remaining sessions of August, our strategy anticipates the US dollar to trade within a sideways range of 102.20 to 100.80 levels. It's important to note the significant inverse relationship between the dollar and commodities. On August 23rd, the price of Gold triggered an isolated Steban arena, resulting in a four-day sideways band between 58,200 and 58,700 levels before closing above this range. This bullish movement is likely to persist towards the next resistance point at 59,300 levels, followed by a potential target of 59,700 levels.
Similarly, for Silver, given the current pattern, a bullish outlook is favored, with Gold prices leading the way and aiming for the next resistance levels at 75,100 to 75,900. As we monitor potential bullish movement, it's possible that minor corrections in the very short term could occur. These corrections could provide traders with opportunities to enter positions aligned with the bullish trend.
Ashutosh Somani from JM Financial Institutional Securities views on Textile sector: Export demand revival and impending FTAs to drive sector re-rating
Indian textile scrips have rallied significantly over the past few months, up ~45% YTD. Strong sector rally has been driven by a) improving global retailers inventory position b) margin expansion on account of decline in cotton prices (~38% YoY) c) increasing market size on the back of impending UK FTA d) media chatter around EU FTA. Most global retailers have highlighted reduction in inventory with demand outlook improving on the back of higher than expected growth in US retail sales. Consequently, Walmart has upwards revised its full year guidance to reflect a strong Q2 performance. TJX also expects comparable store sales to be up 3-4% for FY24. Indian home textile / apparel players in tandem with global retailers commentary expect demand revival from 2H. Extended runway for revenue growth over next 3 years (courtesy FTAs / ’China+1’), GOI’s increased focus on textile ecosystem (rebates/PLI) and deflation in commodity price (cotton price off highs) make a strong case for valuation multiples re-rating across sector names. Gokaldas Exports (huge addressable market size / top-notch execution/ net cash BS) remains our top pick in the sector. Welspun India remains a key beneficiary of the said theme.
Prime Minister Narendra Modi on Thursday said India is seen as a combination of openness, opportunities and options as the world sees optimism and confidence in the Indian economy.
In a video message at the G20 Trade and Investment Minister's meeting here, the prime minister said that during the last nine years, India has become the fifth largest global economy and it has increased its competitiveness and enhanced transparency.
"Today we see global optimism and confidence in the Indian economy. India is seen as a combination of openness, opportunities and options," he said.
India has expanded digitisation and promoted innovation and it has moved away from red tape to red carpet and liberalised FDI flows, he said. (PTI)
Paras Defence and Space Technologies witnessed a remarkable surge in its share price, climbing by over 17% to achieve a new 52-week high on Thursday. This impressive rally has continued for the fourth consecutive session. The shares of Paras Defence experienced a substantial increase of 17.3%, reaching a peak of ₹841.80 each on the BSE. This surge can be attributed to the prevailing enthusiasm surrounding aerospace and defense stocks, driven by the success of India's Chandrayaan 3 moon mission.
Over the past three months, the share price of Paras Defence has demonstrated an impressive upward trajectory, surging by more than 61%. In terms of year-to-date performance, the stock has gained nearly 34%, while over the course of the past year, it has exhibited a growth of over 28%. (Read More)
Vishnu Prakash IPO: The initial public offering (IPO) of Vishnu Prakash R Punglia Limited has opened for subscription today and it will remain open for bidders till 28th August 2023. The designer and infrastructure construction company has fixed Vishnu Prakash IPO price band at ₹94 to ₹99 per equity share and book build issue has made debut in grey market as well. According to market observers, shares of Vishnu Prakash R Punglia Limited are available at a premium of ₹65 per equity share in grey market today.
Important Vishnu Prakash IPO details
The Indian rupee extended gains to open 22 paise higher against the US dollar on Thursday amid a pullback in US Treasury yields on weak economic data. The local currency opened at 82.47 a dollar as against previous close of 82.69.
The dollar index fell by the most in more than two weeks on Wednesday. Asian currencies were mostly higher, with the Korean won leading the way, Reuters reported.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The near-term market outlook has turned distinctly positive with the US economy’s soft landing narrative lifting sentiments globally and Chandrayaan 3‘s successful soft landing on the moon boosting sentiments in India. Weakening US economic data, particularly the decline in US manufacturing PMI from 49 to 47 has led to sharp decline in the US 10-year bond yield by 14 bp to 4.19%. This might turn the short-term cycle of capital flows again in favour of EMs like India. The sudden reversal in the declining trend of INR also is indicative of this shift in global macros favouring India in the near-term.
However, investors should remember that sentiments are transient and the medium to long-term trajectory of the market will be driven by economic growth and corporate earnings. So watch out for the big data.
The recovery in Bank Nifty, which is driven by fundamentals and fair valuations, augurs well for the Nifty."
Nvidia, the chip manufacturing company, exceeded market projections with its second-quarter performance, catching both analysts and investors off guard with its outlook for the ongoing quarter.
According to CNBC's report, Nvidia's revenue for the period concluding on July 30 reached $13.51 billion, surpassing Refinitiv's estimated $11.22 billion. Net income saw a substantial surge, escalating to $6.19 billion, equivalent to $2.48 per share, from the previous year's $656 million, or 26 cents per share. (Read More)
Aeroflex Industries, supported by Ashish Kacholia, is witnessing substantial investor enthusiasm for its initial public offering (IPO). The IPO, with a total value of ₹351 crore, has garnered significant attention from investors thus far. Today marks the final day for investors to submit bids for the Aeroflex Industries IPO, concluding the subscription period that commenced on August 22.
The IPO encompasses two components: a fresh issuance of equity shares totaling up to ₹162 crore and an offer-for-sale (OFS) involving the sale of up to 1.75 crore equity shares by the promoters, selling shareholders, and the promoter group. (Read More)
Bandhan Bank on Wednesday announced it will enter co-lending business, for which it will tie up with a couple of NBFCs.
Announcing this at the bank's foundation day programme, its MD and CEO Chandra Shekhar Ghosh said the co-lending business will cover all verticals in which loans are given.
"We have selected a couple of NBFCs, and will soon tie up with them," he said.
Ghosh said the bank, which started its journey eight years ago, has 6,100 banking outlets across 35 states and Union Territories at present.
It opened a branch in Leh on Tuesday, and will open another branch at Kargil in September, he said. (PTI)
Tamil Nadu Film Exhibitor’s Association has urged the state government to reconsider ticket pricing, highlighting the struggle of cinemas to expand operations. In fact, multiplex chains and theatre owners acknowledge that while the South is a promising hub for the movie industry, rising expenses and capped ticket prices are making it increasingly difficult for them to operate.
Besides, expanding or introducing luxury format in Tamil Nadu, Andhra Pradesh, and Telangana is becoming challenging, even as the popularity and use of IMAX and 4DX formats for southern films grow. (Read More)
Qatar Investment Authority to invest $1 billion in Reliance Retail. GAIL India plans ₹30,000 crore capex. Coforge promoter to divest stake. India may ban sugar exports. Procter & Gamble Health reports lower profit. Bandhan Bank to enter co-lending business. Muthoot Fincorp to introduce new products on digital platform. TVS Motor launches electric two-wheeler. Tata Communications opens 5G Roaming Lab. Oriana Power wins ₹138 crore contract. (Read More)
TVS Motor Co., maker of the iQube electric scooter, only the second best-selling electric two-wheeler after Ola Electric, is expanding its play in the e-two-wheeler market with the launch of its first born-electric two-wheeler, a crossover between a motorcycle and a scooter which is aimed at young customers in the premium-end of the Indian and international electric two-wheeler markets. The launch of TVS X will be followed by the introduction of the latest generation of iQube EV, as well as more products in electric three-wheeler cargo and even electric bicycle space, Sudarshan Venu, managing director, TVS Motor, said. (Read More)
Reserve Bank of India Governor Shaktikanta Das stated that vegetable prices in India are expected to decrease from September, potentially easing the recent surge in retail inflation, which reached 7.44% in July, the highest in 15 months.
"We expect to see an appreciable slowdown in vegetable inflation from September," Das said and for cereal prices specifically, added, “The outlook looks bright even though geopolitical tensions could hamper food prices" (Read More)
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends these stocks for day trading:
1] City Union Bank (CUB): Buy at ₹126.25, target ₹134, stop loss ₹124;
2] MTAR Technologies: Buy at ₹2220, target ₹2320, stop loss ₹2190; and
3] SBI Life: Buy at ₹1300, target ₹1355, stop loss ₹1280. (Read More)
In the upcoming season starting October, India is anticipated to prohibit sugar mills from engaging in sugar exports. This decision comes after a span of seven years and is a response to diminished cane yields resulting from insufficient rainfall, as disclosed by three government insiders.
If India refrains from participating in the global sugar market, it could potentially amplify benchmark prices in New York and London. These benchmarks are presently hovering at multi-year peaks, prompting concerns of heightened inflation within the global food markets. Mint initially reported on this matter on June 2 of the current year. (Read More)
Vedanta Resources Ltd. has agreed to pay $250 million owed to its creditors in Zambia after it resumes control of the copper mines that were seized by former President Edgar Lungu's administration in 2019.
Zambia government had accused Vedanta of paying too little tax and lying about its expansion plans while placing Konkola Copper Mines under provisional liquidation in 2019. However, current President Hakainde Hichilema wants to resolve the issue amicably, reported Bloomberg. (Read More)
Sovereign wealth fund Qatar Investment Authority (QIA) has agreed to invest ₹8,278 crore ($1 billion) into the retail arm of Reliance Industries Ltd (RIL), marking a fresh round of investments into Reliance Retail Ventures Ltd (RRVL) after the country’s largest retailer raised ₹47,265 crore in 2021.
QIA’s investment values RRVL at ₹8.28 trillion or $100 billion, twice its ₹4.21 trillion valuation in 2021.
QIA’s investment will translate into a 0.99% stake in RRVL on a fully diluted basis, RRVL said on Wednesday.
“The company might look slightly overvalued now, but the investors are of the view that the high growth in the segment coupled with the large market that the company is targeting will help it grow into the value in future," an investment banker said on condition of anonymity. (Read More)
Wall Street rallied to its best day since June on Wednesday after pressure that's built up on stocks from the bond market relaxed a bit.
The S&P 500 climbed 1.1% to trim its loss for what's been a dismal August so far. The Dow Jones Industrial Average rose 184 points, or 0.5%, and the Nasdaq composite jumped 1.6%.
Big Tech stocks and others that benefit from easier interest rates led the way. They got some relief as the 10-year Treasury yield eased back further from its highest level since 2007 after a report suggested the U.S. economy may be cooling.
A 2.2% gain for Apple's stock and 1.4% climb for Microsoft shares were two of the strongest forces pushing the S&P 500 upward.
Nvidia, another one of the market's most influential stocks, rallied 3.2% ahead of its highly anticipated profit report. Expectations were immense for the report, which came out after trading ended for the day, and it still managed to blow past forecasts.
Nvidia stunned Wall Street three months ago by predicting a boom in artificial intelligence technology would mean it would make roughly $11 billion in revenue during the three months through July. (AP)
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