Investing.com — Nasdaq rose to a record close Friday, ending the week with a win as an Nvidia-led surge fueled bullish bets on stocks and offset jitters about higher longer-term interest rates ahead of the long holiday weekend.
At 4:00 PM ET (20:00 GMT), the price rose 1.1% to a closing record of 16,920.79, up 4 points, or 0.01%, up 0.7%.
Tech leaders are taking action as Nvidia continues to bask in the glory
Tech led the market higher as investors bought the dip in major tech stocks a day earlier and continued to place bullish bets on chipmaker NVIDIA Corporation (NASDAQ:) after its stellar first-quarter earnings report.
“We remain all-in on the AI era and note that Nvidia’s revenues have tripled year over year, while net profit has increased sevenfold to sevenfold in one year,” Jay Pelosky, director and founder of TPW Advisory, said Friday.
The interest rate jitters continue as Goldman postpones its interest rate cut bet until September
Analysts at Goldman Sachs have pushed up their forecast for the Fed’s first rate cut from July to September, after a slew of Fed statements raised concerns that inflation’s path toward the 2% target is likely to take longer than expected. expected.
Inflation concerns eased somewhat after the University of Michigan’s annual inflation forecast fell to 3.3%, down from 3.5% previously.
The widely viewed figures show that there is a roughly 45% chance that the Fed will cut interest rates in September from the highest level of 5.25% in more than two decades to 5.5%.
Elsewhere on the economic front, durable goods orders rose 0.7% in April, down from 0.8% growth the month before.
Workday disappoints, Deck shines in the profit phase
Workday (NASDAQ:) fell 15% after the HR software provider lowered its annual subscription revenue forecast.
The weaker expectations continue to “point to a slowdown in activity,” Deutsche Bank said in a note on Friday, adding that the company’s cut to its FY25 subscription plan was attributed to lower customer growth and intensified research into deals compared to previous quarters.
Intuitive (NASDAQ:), meanwhile, shares fell 8% on soft guidance for the current quarter and concerns about demand after the company reported a loss of free users on its all-important TurboTax tax preparation service.
Shares of Deckers Outdoor (NYSE:) rose 14% after the athletic footwear retailer reported strong quarterly sales, boosted by demand for its HOKA and UGG brands.
Coinbase Jumps After Approving Spot Ether ETF Listing; Lucid is cutting jobs
Coinbase worldwide Inc (NASDAQ:) rose more than 8% as the U.S. Securities and Exchange Commission approved applications from several ether exchanged-traded funds (ETFs) to list funds that buy and hold ether on U.S. exchanges.
The SEC has approved applications for eight ETFs, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest 21Shares, Invesco Galaxy and BlackRock (NYSE 🙂 – for listing on the Nasdaq, NYSE Arca and Cboe BZX exchanges.
Lucid Group Inc (NASDAQ:), meanwhile, rose 2% after the electric vehicle maker said it would cut 6% of its workforce as part of a restructuring to cut costs in a tough environment for electric vehicle demand.
(Peter Nurse, Ambar Warrick contributed to this article.)
