Stock market giant Dow Jones and Co. sees a boost post-interest rate reduction, while tech powerhouse Nvidia persists under pressure
In today's market, a number of significant events unfolded. Workday and Walmart were among the top performers, while tensions between China and the US continued to escalate.
Workday, the cloud-based human resources and finance software company, saw a significant boost in its share price. Elliott Management, an activist investor, took a stake of around $2 billion in the company, contributing to Workday's impressive 7.2% gain in the Nasdaq 100. Positive analyst sentiment from Evercore ISI, who praised Workday's risk-reward profile, also played a role in its strong performance.
Meanwhile, Walmart ended the session with a gain of 0.8 percent, reaching a new record high. This was due in part to a positive study by Bank of America.
However, not all tech stocks fared as well. Nvidia's stock ended the Dow Jones session down 2.7 percent. This dip may be related to the Chinese government's instruction to the country's largest tech companies not to buy certain AI chips from Nvidia. The ongoing dispute between China and the US is further fueling this tension.
In other parts of the world, technology stocks in Japan, such as Tokyo Electron (+4%) and Screen Holdings (+5%), showed strong advances amid broader market gains. In Vienna, EVN (+2.4%), Erste Group Bank (+2.35%), and DO (+2.24%) led gains in the ATX index due to stronger market momentum.
It is important to note that the author holds positions, either directly or indirectly, in the financial instruments Nvidia and Boersenmedien AG. The majority shareholder and CEO of Boersenmedien AG, Mr. Bernd Förtsch, also holds positions in Nvidia. These conflicts of interest have been disclosed in accordance with journalistic standards.
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