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News Digest / Latest Stock Market News / Stocks in Motion: Nvidia Leads, Rivian Stumbles - Thursday Markets

Stocks in Motion: Nvidia Leads, Rivian Stumbles - Thursday Markets

Alex Vellor
08:19am, Thursday, Feb 22, 2024

In a striking premarket session, the stock market witnessed a notable divergence among key players, driven by a mix of earnings reports and corporate forecasts.

Leading the charge was Nvidia (NVDA), the titan of the chipmaking world, whose shares surged by an impressive 13% following a report of better-than-anticipated 2023 Q4 revenue. This boost was fueled by a bullish outlook on the demand for AI-driven chips, underscoring the company's dominant position in the rapidly growing artificial intelligence sector.

Not far behind, companies like Palantir Technologies (PLTR), Advanced Micro Devices (AMD), and Super Micro Computer (SMCI) also enjoyed substantial gains, riding on the coattails of Nvidia's positive momentum. This ripple effect highlights the interconnectedness of the tech sector, where the fortunes of one company can significantly impact its peers.

Conversely, the market wasn't kind to all, with Etsy (ETSY) and Rivian (RIVN) experiencing notable declines. Etsy's shares dipped by 6.4% amidst warnings of a slowdown in demand for its niche of handcrafted goods and personalized gifts. Rivian's troubles were even more pronounced, with its stock plummeting over 17% after the electric truck manufacturer's production guidance fell short of expectations, coupled with the announcement of deep job cuts.

Other companies like Moderna (MRNA) and Royal Caribbean (RCL) made their mark amid these highs and lows. Moderna's surprise fourth-quarter profit, spurred by cost-cutting measures, increased its stock by 4.7%. Royal Caribbean, buoyed by an upbeat income forecast and strong demand, saw its shares rise by 6.1%.

As investors digest these developments, the focus shifts to upcoming reports on jobless claims and existing home sales. These data points could reignite debates over the Federal Reserve's monetary policy, making it a day of critical importance for market watchers.

About The Author

Alex Vellor