Positive Day for Nasdaq and Stock Markets As Sentiment Improves

US stock markets had a strong performance today, with Nasdaq climbing above 19,000 points again, largely driven by favorable PPI data.

Skerdian Meta•Tuesday, August 13, 2024•1 min read

US stock markets had a strong performance today, with Nasdaq climbing above 19,000 points again, largely driven by favorable PPI data. The Producer Price Index (PPI) came in below expectations, providing a positive boost to the main US indices. The Nasdaq led the charge, gaining over 400 points, or 2.38%, as investor sentiment turned optimistic on the back of encouraging economic data and no escalation in the Middle East.

Stock Markets Open Strong with Continued Gains

The US and European stock markets started the day with solid gains, continuing the positive momentum from the previous sessions. This upward trend reflects a temporary easing of risk aversion, suggesting a favorable market environment. Although the unwinding of carry trades has slowed, the market tone remains cautiously optimistic. However, investors are waiting for key US data over the next two days to gain more clarity on the market’s direction.

Technology Sector Leads the Market Rally

Today’s trading session showcased strong performances across multiple sectors, with technology companies at the forefront. Nvidia (NVDA) experienced an impressive surge of 3.50%, highlighting robust investor confidence in the tech industry. This rise indicates growing optimism about technological advancements and future opportunities. Major tech firms like Apple (AAPL) and Microsoft (MSFT) also followed suit, posting average gains of around 1%, reinforcing the sector’s positive outlook.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.