Stocks Rally as Nvidia and Super Micro Computer Drive Robust Weekly Gains

https://icaro.icaromediagroup.com/system/images/photos/16404814/original/open-uri20241123-17-1eh065i?1732380883
ICARO Media Group
News
23/11/2024 16h42

**Stocks Close Strong Week with Gains Amid Nvidia and Super Micro Computer Highlights**

U.S. equities closed a robust week with gains, buoyed by remarkable performances from Nvidia and Super Micro Computer. On Friday, Nov. 22, 2024, the S&P 500 saw a 0.4% rise, while the Dow Jones Industrial Average surged by 1%, aided by significant gains in Boeing shares. The Nasdaq oscillated near the flat mark for most of the day but ended with a modest 0.2% increase.

Super Micro Computer was the standout performer, with shares soaring by 11.6% on Friday. This marked the fourth time the company led the daily performance in the S&P 500 this week. The server maker's stock rally followed its submission of a compliance plan to avoid delisting and favorable mentions during Nvidia's earnings call.

Despite strong sales and profit results, Intuit, the financial software firm behind TurboTax, saw its shares decline by 5.7%. The drop came after the company issued a bleak outlook for the current quarter, coupled with news that the upcoming Trump administration might be introducing a competing tax-filing app.

NetApp initially enjoyed a boost in stock prices due to better-than-expected quarterly results and increased price targets from investment analysts. However, the momentum did not hold, and shares reversed to close Friday's session with a 3.4% loss. Analysts expressed optimism about NetApp's flash products but remained concerned about ongoing economic pressures and the company's profit margins.

Overall, the major U.S. stock indexes ended the week on a high note, reflecting investor confidence amid strong earnings reports and strategic corporate maneuvers.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

Related