One Major Stock on the Nasdaq Is Dwarfing the Competition
Today’s stock report is showing minimal change from the previous session, but Applied Materials is pulling out ahead of the other stocks.
Applied Materials (AMAT) is the top earner on the Nasdaq Composite for Friday, with a gain of 13.13%- a gain of 24 points. Most other stocks are trading with less than 1% change in either direction today, making for a mostly quiet market.
The market reacted to an inflation report on Thursday by getting rid of all the selloffs from Tuesday. The inflation report was higher than expected, which allowed the S&P 500 to gain 0.6%, recording a high for that index. The Dow Jones Industrial Average gained 0.9%, finishing off Thursday about 25 points lower than where it was by end of session Monday. Rounding out the top three is the Nasdaq Composite, which earned 0.3% Thursday.
Reports on industrial production and retail sales did not move the market much, as these reports showed less movement than expected. Wholesale inflation for January increased 0.3% in the US, which was above economic expectations. While that isn’t good news, the change is so minor that the markets have been minimally affected.
Why Is Applied Materials So High?
The very strong revenue forecast for Applied Materials helped its stock to jump this week. The chip maker is the largest of its kind in the United states, and the company has predicted a bullish current period. After investments from a number of semiconductor partners that will increase productivity, the future is looking very bright for Applied Materials incorporated.
The company is expecting a second quarter return of about $6.5 billion. This announcement on Thursday lines up with analyst predictions of $6.32 billion. If those investments do happen as planned, expect Applied Materials to have a strong second quarter in 2024.
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