Tech Stocks Prop up Nasdaq as Market Corrects
After two tough weeks of stock market decreases, the indices were up Wednesday evening, with Nasdaq leading the way with a 1.22% gain, and the S&P trailing with a 0.49% increase.
Tech stocks like Tesla (TSLA) and Nvidia (NVDA) saw gains on Wednesday and helped to push up the floundering Nasdaq Composite. The Dow Jones fell, however, losing 0.22% on Wednesday, while the S&P 500 gained.
The overall stock market is seeing a correction phase after weeks of declines, with the upward swing attributed partly to subsiding fears about the economy. Specifically, we can point to the Consumer Price Index (CPI) report earlier this week that showed that the U.S. inflation rate did not rise as severely in February as it did in January. According to the Department of Labor, the CPI was down in some key categories, which led to a 2.9% inflation increase for February compared to January’s 3.0% increase.
Major Gains for Tech Stocks
Tesla continued its hot streak with a 7.59% increase on Wednesday, and it could continue to gain through Thursday as well. Tesla continues to release details on its cheaper EV model coming later this year, and the company is still working on a self-driving taxi service that could appear in 2025 as well.
Nvidia stock is shooting up as well, with 6.43% in gains on Wednesday and more expected for this week. The company has a GTC conference scheduled for March 17th, which some analysts point to as a significant moment for the company that investors should look forward to. Nvidia is expected to outperform many predictions this year and could continue to surge for years to come as it rides the AI-driven boom.
These two key stocks have helped lift Nasdaq through the middle of the week and have defied much of the overall stock market trend. There are fears that new tariffs will seriously affect the price of electronics and other consumer goods, but these two stocks could be recession proof for a while.
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