Nasdaq, S&P Rise as Spotlight Turns on Tech Results; UPS Plunges
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Nasdaq, S&P Rise as Spotlight Turns on Tech Results; UPS Plunges
The Nasdaq Composite and S&P 500 rose on Thursday, driven by investor optimism ahead of key technology earnings. Major tech companies like Nvidia, Apple, and Microsoft saw gains, with Nvidia leading the sector after receiving a favorable price-target hike. In contrast, UPS shares dropped significantly due to a disappointing earnings forecast, citing challenges from labor costs and economic headwinds.
Sector Highlights
- Technology: Gains led by Nvidia, Apple, and Microsoft.
- Consumer Discretionary: Amazon and Tesla saw notable increases.
- Industrials: UPS experienced a sharp decline due to weak earnings outlook.
Investor Sentiment
Positive expectations for tech earnings bolstered investor confidence, overshadowing sector-specific challenges like those faced by UPS.
Summary
The Nasdaq and S&P 500 climbed as investors anticipated strong tech earnings, with Nvidia, Apple, and Microsoft leading the gains. However, UPS's substantial drop due to a poor earnings forecast highlighted ongoing challenges in the industrial sector. Overall, investor sentiment remained positive, focused on the tech sector's potential.