US Stocks Close at Record Highs Despite Government Shutdown: Stock Market Today
US Stocks Close at Record Highs Despite Government Shutdown
Stock Market Rally Sees Modest Gains Amid Strong GDP Data – Key Stocks to Watch: Nvidia, Google, Amazon
The stock market rally saw modest gains across major indexes, driven by strong U.S. GDP data that exceeded expectations. The S&P 500 reached a record close, just shy of a new intraday high. Nvidia (NVDA), Amazon.com (AMZN), and Alphabet (GOOGL), the parent company of Google, led the market despite weak breadth.
Key Stocks in Focus: Nvidia, Google, Amazon, and KLA
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Nvidia (NVDA) and Taiwan Semiconductor (TSM) are showing early entry points for investors. The chipmaker’s performance has been strong, with Nvidia’s stock rising 3% to $189.21, surpassing the 50-day moving average.
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KLA (KLAC), a leading chip-equipment maker, is in a buy zone, offering potential entry points for growth investors.
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Google (GOOGL) is on the verge of triggering a buy signal, as the stock advanced 1.5% to $314.35.
The latest updates show that Google stock is featured on IBD’s Leaderboard, while Nvidia is currently on the SwingTrader watchlist. Additionally, KLA stock is recognized in IBD Long-Term Leaders.
Stock Market Overview: Gains in Key Indexes
The stock market showed positive movement following the release of the Q3 GDP report. The U.S. economy grew at a 4.3% annualized rate, the best performance in two years. This strong growth tilted the likelihood of a Fed rate cut slightly below 50%. The rally was supported by Nvidia, Amazon, and Google despite weak breadth.
On Tuesday’s stock market trading, the Dow Jones Industrial Average rose 0.2%, the S&P 500 gained 0.5%, and the Nasdaq Composite climbed 0.6%. The Russell 2000, however, dropped by 0.7%, signaling mixed performance across small-cap stocks.
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Growth ETFs like the Innovator IBD 50 ETF (FFTY) and iShares Expanded Tech-Software Sector ETF (IGV) saw modest declines.
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Energy ETFs like the Energy Select SPDR ETF (XLE) climbed 0.7%, while the Health Care Select Sector SPDR Fund (XLV) saw a slight dip of 0.2%.
Stocks to Watch: Nvidia, Google, and KLA
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Nvidia Stock
Nvidia stock surged 3% to $189.21, breaking above the 50-day moving average. This marks an early entry opportunity for investors, with a significant buy point at $212.19. -
Taiwan Semiconductor (TSM)
Taiwan Semiconductor gained 1.25% to $296.95, rebounding from its 50-day line. The stock could be on track for a breakout, with key levels to watch at $310.12 and $313.98. -
KLA Stock
KLA stock edged up 0.2% to $1,268.74, nearing a buy point of $1,284.47. Investors should also watch for early entry opportunities at $1,255. The stock’s relative strength line has reached a new high, indicating strong performance. -
Google Stock
Google stock advanced 1.5% to $314.35, continuing to show strength above the 21-day moving average. The stock is in a consolidation phase, with potential for a flat base breakout in the coming weeks.
Dow Jones Futures and Stock Market Outlook
Dow Jones futures showed a slight dip, while S&P 500 and Nasdaq 100 futures remained relatively flat. Stock market trading on Wednesday will conclude early at 1 p.m. ET, while bond markets will settle at 2 p.m. ET.
Conclusion: The Stock Market Rally Continues to Gain Momentum
The stock market rally is showing signs of strength, driven by key stocks like Nvidia, Google, and Amazon. As GDP growth remains strong, the market is positioning for potential opportunities in the tech sector, particularly in semiconductors and chipmakers. Keep an eye on Nvidia, Taiwan Semiconductor, and KLA for early entry points, as these stocks continue to show solid performance. Google stock, currently consolidating, may offer another strong buying opportunity in the near future.
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