Stock Market Today, April 24:Tech Strength Drives Midday Markets
The S&P 500 (SNPINDEX:^GSPC) was up 0.51% to 7,144.39, the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 1.21% to 24,734.24 on chip strength as of 11.30 am Eastern time. The Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.37% to 49,127.05 as cyclicals and financials lagged.
Market movers
Intel jumped 23.75% in intraday trading after delivering strong quarterly earnings and upbeat guidance, powering semiconductor and broader tech gains. At midday, Advanced Micro Devices had rallied 15.15%; other chip names, including Qualcomm and Wolfspeed, had also posted double-digit gains, helping the Nasdaq outperform.
What this means for investors
Intel’s strong Q1 results and upbeat forecast overshadowed concerns about oil and the Iran war this morning. A strong earnings season and confidence in tech fundamentals are helping markets erase recent conflict-related losses. That said, oil prices remain elevated as traffic through the Strait of Hormuz remains restricted, which helps explain the Dow’s underperformance.
Today, artificial intelligence (AI) optimism and a surge in chipmaker stocks drove gains. The PHLX Semiconductor Index, which tracks top chipmakers, is up over 50% in the past six months. It has risen for the past 17 days in a row.
However, the Bank of England warned today that investors are underestimating the risks. Deputy Governor Sarah Breeden pointed to macroeconomic shocks, high AI valuations, and private credit issues as factors that could put significant pressure on stock prices as they continue to set new all-time highs.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Intel, and Qualcomm. The Motley Fool recommends Wolfspeed. The Motley Fool has a disclosure policy.
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