S&P 500 Flirts with All-Time Highs, Wall Street Yawns and Moons Nvidia Instead…

Another day, another session where the S&P 500 stares at its own reflection and wonders, “Is that it?” The index finished Wednesday basically unchanged… all while being so close to a record high you could legit smell the FOMO, but still not close enough for anyone to actually care. The Nasdaq managed a little bounce (up 0.31%), while the Dow wandered off and lost 106 points. Alright Grandpa, let’s get you back to bed… 

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As for the fireworks today, Nvidia is still carrying Big Tech on its back as the G.O.A.T. posted a 4% gain and a new 52-week high, again. Bigly. Alphabet and AMD also tagged alone with a 2% and 3.59% gain. 

Zooming out, the “tech rally” is looking more like a group project where one kid does all the work and everyone else just puts their name on the slide. Carter Worth (chart guy, professional mood killer) pointed out that it’s basically the same handful of stocks dragging the whole sector. Tech’s up 5.7% for the year, 14.5% over the last three months, but unless your ticker comes with an AI side quest, you’re just standing around holding a participation trophy.

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Elsewhere, AeroVironment (+21%) went ballistic after earnings and a Cramer blessing that read “The Nvidia of software”. In all seriousness, Cramer probably just single-handedly cursed the company to hell with that comment… we shall see. Super Micro popped 9%, eating its losses from yesterday which just so happened to be -9% also (talk about one helluva round trip). Oh, and Tesla is still getting rinsed in Europe (read: five months of sliding sales). Shares tanked - 4%. 

Amazon (-0.37%) and Meta (-0.49%) both took a breather, while FedEx gave up the ghost with a -3.29% plunge after they suspended its full-year outlook, which basically just means “tell me you suck, without telling me you suck.” 

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Additionally, crypto stocks caught a bid because Bitcoin bounced above $107,000, which, sure, whatever… but at this point, Bitcoin’s price is just a random number generator with a marketing team. Shares of Michael Saylors cesspool ETF (Microstrategy) were up 3.09%, while Coinbase rocketed another 3% (adding to it’s 35% ascent over the last four days) after the company got a major upgrade from the Berenstein Berenstain Bears (read: Bernstein Analyst). As for Mastercard, they’re now supporting every stablecoin that isn’t nailed down after joining the Global Dollar Network, which is a… *checks notes*... stablecoin consortium founded by blockchain company and stablecoin issuer Paxos (whatever that means, and presumably why shares dipped -1.42%). 

So yeah, good stuff today… especially considering Jerome Powell spent another day in Congress getting gently roasted for not cutting rates yet. In fact, Senator Bernie Moreno accused him of costing the government $400 billion a year, and absolutely cooked Jerry Interest rates with this gem: “We got elected by millions of voters, you got elected by one person. He doesn’t want you in that job.” Oooof. 

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In the end, the markets are just a “tip” away from all-time highs again. However, for most stocks… It was just another day of standing around waiting for something to happen. That is, unless you were Nvidia. For now, keep your eyes on tomorrow's initial jobless claims and GDP revisions. Until next time, friends… 

If you read all of this, congrats for having a 10 second attention span (better than me). As always, here’s our heatmap for today.

At the time of publishing, Stocks.News holds positions in Tesla, Alphabet, Meta, and Amazon as mentioned in the article.