At 10:10 a.m. ET, U.S. markets are off to a hot start to the day. Technology stocks are leading the gains, with AI stocks seeing big gains across the board.
- Dow Jones Industrial Average: Up 24.28 (.+05%)
- S&P 500: Up 34.67 (+.61)
- Nasdaq Composite: Up 177.62% (+.99%)
- Russell 2000: Down 4.35 (-.19%)
Let’s analyze a few of today’s biggest market storylines and why the Nasdaq Composite is seeing much stronger gains relative to the Dow and Russell 2000.
Oil Prices Are Easing
One of the biggest anchors holding back market returns in October has been the rising price of oil. After Iran launched a massive ballistic missile attack on Israel, there has been widespread speculation that a retaliatory strike from Israel would target Iranian oil and lead to surging prices across the globe. That would lead to more inflation and pricing pressures for a wide swath of companies that rely on oil.
However, tensions have seemed to de-escalate in recent days and West Texas Intermediate oil futures are down 3% today to $74.29 after hitting $77.40 in yesterday’s trading.
AI Stocks Are Up Big
The Nasdaq Composite is being driven by strong gains across technology. NVIDIA (Nasdaq: NVDA) is up 2.85%. Other Magnificent 7 stocks are also having good days:
- Apple (Nasdaq: AAPL): Up 1.31%
- Meta Platforms (Nasdaq: META): Up 1.15%
- Tesla (Nasdaq: TSLA): Up 1.09%
Other popular AI stocks are also seeing gains beyond broader market averages. Palantir (NYSE: PLTR) are up 3.45% and popular plays in optics are booming. Applied Optoelectronics (Nasdaq: AAOI) is up 9.75%) while Coherent (NYSE: COHR) is up 2.36%.
One reason for today’s gains is a particularly bullish research note from Morgan Stanley that predicts revenue from NVIDIA’s next-generation Blackwell chips will surpass its prior-generation chips by the first quarter of 2025.
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