Nasdaq jumps over 1% led by Nvidia, Apple, Alphabet; Amazon share price hits record high
- Amazon shares joined its tech peers Meta Platforms, Microsoft Corp. and Nvidia stocks in setting a fresh record.
Technology stocks led the rally in the US stock market with the Nasdaq gaining over 1% on Thursday as Amazon shares hit record highs.
On Thursday, the Nasdaq Composite closed 271.84 points, or 1.68%, higher at 16,442.20. The Dow Jones Industrial Average eased 2.43 points, or 0.01%, to 38,459.08, while the S&P 500 rose 38.42 points, or 0.74%, to 5,199.06.
The FANG index of megacap momentum stocks gained 2.6%.
The e-commerce and cloud computing giant Amazon shares joined its tech peers Meta Platforms, Microsoft Corp. and Nvidia stocks in setting a fresh record.
Amazon share price rose 1.7% to close at $189.05, surpassing its previous closing high of $186.57 set in July 2021.
Amazon is the last of the five biggest US tech firms to reach an all-time high in the rebound from the post-pandemic selloff. It was the only company of the five biggest US tech firms that failed to enter record territory in recent months, Bloomberg News reported.
Amazon share price had more than halved amid falling demand for online shopping, rising costs and slowing growth at its Amazon Web Services unit.
Analysts are also turning more positive on Amazon’s retail business and the next catalyst for shares is likely to be Amazon’s first-quarter earnings, expected to be released at the end of April.
Among other stocks, Nvidia shares jumped 4.1% to $906.16 and Alphabet shares rallied more than 2% nearing $2 trillion market capitalisation.
Apple stock price surged 4.3% to $175.04, registering its best day since May 2023, after Bloomberg News reported that the company would transition its Mac product line to artificial intelligence-focused chips.
According to Bloomberg Intelligence, profits for the “Magnificent Seven” cohort — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., Nvidia Corp., Meta Platforms Inc. and Tesla Inc. — are on course to rise 38% in the first quarter.
Wall Street projects S&P 500 members will show 3.8% annual growth in earnings per share for the first-quarter reporting period, data compiled by Bloomberg Intelligence show.
(With inputs from Bloomberg)
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