TheDrop Market Analysis, 01/06/24
- Alexangel Ventura
- Jan 6
- 1 min read
Markets rose marginally as Big Tech fueled several instances of bullishness.
The S&P 500 rose 1.3%, the Dow rose by a smaller yet respectable 0.8%, and the Nasdaq led the way with a 1.8% surge.
Clearly, tech stocks fueled today's rise, which contrasted with last week's bear market. But two contributed most to this market day's rise: Nvidia and Tesla. Following Nvidia CEO Jensen Huang's keynote presentation, the stock surged by almost 3.5% as investor optimism grew. Additionally, Tesla stock rose by 0.2% as the company tries to defend its reputation amid concerns over the safety of its Cybertruck. Other stocks in the Nasdaq composite surged as well, ranging from Microsoft to Apple.
Many Canadian stocks fell today, from its index fund S&P, to Canada Air and the Royal Bank of Canada (afterhours), as fear erupts over Justin Trudeau's sudden announcement of his resignation effectively immediately upon the choosing of a liberal party successor.
Meanwhile, on an even worse note, Tencent stock fell by well over 7% after the U.S. government added the company into a military backlist for the strategic region of China (PRC). Some other Chinese stocks as well as the value of the yuan also slid amid these breaking news.
