Stock Market Today: Dow closes higher as tech overcomes Nvidia slip
Investing.com -- The Dow ended higher Wednesday ahead of the Thanksgiving holiday as tech shrugged off a slip in Nvidia (NASDAQ:NVDA) following chipmaker's cautious outlook on growth in China ahead of
By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 184 points, or 0.5%, the S&P 500 gained 0.4% and the NASDAQ Composite added 0.5%.
Tech stocks rise despite Nvidia slip; Altman returns to OpenAI
Tech stocks were in the ascendency, with a more than 1% increase in Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META) helping to stem the blow from a more than 2% fall in Nvidia.
NVIDIA Corporation (NASDAQ:NVDA) reported guidance and Q3 results that topped Wall Street estimates, but the chipmaker warned that sales in China, which accounts for up to a fifth of sales in its high-margin data center business, would "decline significantly" in its current quarter amid U.S. export restrictions on AI chips to China.
Elsewhere, Sam Altman is set to return to the helm of OpenAI just days after he was sacked as chief executive of the big-name generative artificial intelligence group.
HP Inc (NYSE:HPQ), meanwhile, rose nearly 3% despite reporting mixed fourth-quarter results as revenue missed Wall Street estimates, while current guidance also fell short of expectations. Some on Wall Street took a cautious view on the stock, expecting HP's printing business to continue to weigh.
"[W]e remain cautious on slowing capital returns, elevated leverage and a printing business that is just beginning to roll, which we believewill likely limit outperformance, leaving us equal-weight"Morgan Stanely said in a note.
Deere in seller headlights after guidance spooks investors; Nordstorm's Q3 results fall short
Deere&Company (NYSE:DE), the world's largest farm equipment maker, fell 3% after it forecasted 2024 profit below expectations as high borrowing costs and squeezed budgets dented demand for farm equipment.
The dour fiscal 2024 guidance, which includes a forecast for a fall in net income to range of $7.75B to $8.25B from $10.16B in 2023, offset quarterly results that beat on both the top and bottom lines.
Nordstrom (NYSE:JWN), meanwhile, also offered a cautious outlook, flagging a "softening consumer spend" and reported third-quarter revenue that missed analyst estimates, sending its shares more than 4% lower.
Energy closes above session lows as oil prices cut losses despite delayed OPEC+ meeting, U.S. inventories build
Energy stocks ended the day marginally lower after oil prices cut losses to settle well above session lows despite fresh signs of increasing crude supply.
The Organization of the Petroleum Exporting Countries and and its allies, or OPEC+, postponed a scheduled meeting to Nov. 30 from Nov. 26, amid struggles to agree on production levels, stoking uncertain over potential output cuts.
Oil prices were also pressured by a larger than expected draw in weekly U.S. crude inventories.
EOG Resources Inc (NYSE:EOG), Baker Hughes Co (NASDAQ:BKR) and Occidental Petroleum (NYSE:OXY) were among the biggest decliners, closing nearly 1% lower.
Treasury yields end mixed on signs of strength in jobs market
After briefly touching 2-month lows, Treasury yields ended mixed on the day, with the yield on the 2-year Treasury up 17 basis points to 4.9%, while the 10-year Treasury yield slipped 5 bps to 4.409% following mixed economic data.
Weekly U.S. initial jobless claims missed expectations, pointing to ongoing labor market strength, while durable goods for October undershot economist expectations.
(Peter Nurse and Oliver Gray contributed to this report.)
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