US Stock Journal | Chip stocks remain strong, Nasdaq index hits new high (Spencer Platt via Getty Images)
All three US stock indexes performed well, with the Dow rising more than a million, the S&P 500 and the Nasdaq hitting new highs respectively during the trading session, rising to 5,166 of points and 16,309 points respectively. the same time. Chip stocks continued to be strong, with NVIDIA rising above US$900 to hit a new high of US$927, and TSMC hitting a new high of US$151.6. Novo Nordisk announced positive results from a new weight loss drug trial, and its stock price rose 9% to hit a new market high.
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State of the market on 7 March (Thursday)
l The Dow Jones index rose 122.09 points, or 0.32%, to 38,783.14 points.
l The S&P 500 index rose 54.89 points, or 1.08%, to 5,159.65 points.
l The Nasdaq index rose 268.73 points, or 1.68%, to 16,300.27 points.
l New York oil futures for April delivery closed at US$78.93 a barrel, down US$0.20 or 0.25%.
l New York April gold futures closed at US$2,165.8 an ounce, up US$7.6 or 0.35% During the trading session, it rose to US$2,172.2 reaching a record high.
l The 10-year US Treasury bond yield closed at 4.092%, down 1.2 points.
A number of chip stocks continued to rise, with Nvidia and TSMC continuing to reach record highs. Both closed up 4.5% and 5.4% respectively, with Nvidia’s closing price reaching $927.
Nvidia is up 87% year to date, and the broader VanEck Semiconductor ETF (SMH) is also up 34%. Although some investors are concerned that these stocks may be approaching a ceiling, Chris Senyek, chief investment strategist at Wolfe Research, wrote in a report on Thursday: “Our feeling is that stocks are likely to continue higher , with most of the “Tech Seven”‘ and AI-related companies outperforming other companies until fundamentals started to disappoint and the trend reversed.”
Novo Nordisk announced positive results from the first phase of a trial of its new experimental weight loss drug, and its stock price closed up nearly 9%, hitting an all-time high. However, its rival biotech company Viking Therapeutics (VKTX) fell in response to Novo Nordisk’s success, closing down 18.84%.
Electric car manufacturer Rivian has released its R3 Crossover electric car and is expected to start delivering the R2 (electric SUV) in the first half of 2026. The news quickly expanded Rivian’s earnings, with its stock price rising 13% at the close .
While tech stocks improved, Apple fell for the seventh straight trading day, closing down 0.07%.
Victoria’s Secret’s stock price fell sharply due to a mixed performance, but it expected first-quarter and full-year revenue to fall more than expected, with its stock price falling a significant 32%.
Powell said in Congress that the level of confidence is not too far from starting to cut interest rates, while becoming more confident that inflation can remain sustainable at 2%. When there is confidence, lower interest rate levels will be appropriate. He said the Fed’s interest rate policy is now quite restrictive and is now above the neutral rate.
In terms of data, according to a report released by Challenger, Gray & Christmas, Inc., US employers announced plans to lay off 84,638 workers in February this year, the most layoffs in 11 months and the highest number of February layoffs since 2009.
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