US Market today: Why are Snap, Rivian and Shopify stocks rallying?
What happened in the US stock market today?
- US markets ended higher. Nasdaq gained 0.60%, Dow jumped 0.61% and SP 500 closed 0.66% higher.
- Cooling interest rates and oil prices eased investor concerns about high inflation.
- Nomura is now anticipating a 0.75% increase in rate by the central bank, instead of a 0.50% point one.
- GameStop share price closed 7% higher after the company disclosed a new partnership with cryptocurrency exchange FTX in its quarterly update.
US stock market today: Top gainers and losers
|Stock price action||Reason behind the move|
|Alphabet (Google) fell 1%||Alphabet (Google) share price fell as CEO Pichai hinted at slashing workforce to increase business efficiency.|
|Apple fell 1%||Apple share price fell after launch of its iPhone 14 series and other products - reports of incremental innovation than revolutionary.|
|ARK Genomic Revolution ETF jumped 4%||ARK Genomic Revolution ETF price jumped driven by sharp gains in the underlying stocks of Regeneron Pharmaceuticals, Teladoc and Pacific Biosciences.|
|ARK Innovation ETF jumped 3%||ARK Innovation ETF price jumped driven by gains in growth stocks such as Tesla, Coinbase and Roku.|
|Atlassian rose 2%||Atlassian share price rose over reports of planning to hire over 1,500 employees by end of March 2024.|
|Cloudflare jumped 3%||Cloudflare share price jumped after the firm dropped controversial client Kiwifarms to become more socially responsible.|
|Coinbase jumped 7%||Coinbase share price extended gains over reports of adding new tokens, plans of $1.6B acquisition of MakerDAO's USDC.|
|Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares ETF rose 2%||Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares ETF price jumped tracking the gains in the energy stocks of Antero Resources, Continental Resources and ConocoPhillips.|
|Direxion Daily Semiconductor Bull 3X ETF rallied 5%||Direxion Daily Semiconductor Bull 3X ETF price jumped tracking the gains in chip stocks of AMD, Marvell Technology and NVIDIA.|
|Direxion Daily Technology Bull 3X ETF rose 1%||Direxion Daily Technology Bull 3X ETF price rose driven by gains in the shares of NVIDIA, PayPal and Mastercard.|
|DocuSign jumped 5%||DocuSign share price jumped over solid June quarter earnings and strong growth outlook, shares up 18% in post market trading.|
|NIO rose 1%||NIO share price extended gains after reporting solid revenue in June quarter and strong growth outlook.|
|Nu rose 2%||Nu share price rose as analysts upgraded stocks' outlook on the back of solid earnings estimates driven by declining funding costs.|
|NVIDIA rose 2%||NVIDIA share price rallied driven by reports of new products launch - next-gen GeForce RTX GPUs - in coming weeks.|
|ProShares Bitcoin Strategy ETF jumped 2%||ProShares Bitcoin Strategy ETF price rose tracking the gains in Bitcoin prices and trading volumes.|
|ProShares Ultra Semiconductors jumped 3%||ProShares Ultra Semiconductors ETF price rose sharply tracking the positive trend in chip stocks of NVIDIA, Texas Instruments and Broadcom.|
|Rivian skyrocketed 11%||Rivian share price jumped over reports of tie-up with Mercedes-Benz to build electric commercial vans in Europe.|
|Shopify gained 3%||Shopify share price extended gains over reports of change in management, plans of new growth strategy.|
|Snap rose 9%||Snap share price extended gains over reports of firm's focus on touching $6 billion in revenue and 450 million users quickly.|
|Tesla rose 2%||Tesla share price extended gains over report of 'buy' rating by large research houses, brokerages, US government's push for EV adoption.|
|Twitter jumped 2%||Twitter share price extended gains amid reports of Delaware court rejecting Musk's request to delay the Twitter trial.|
|Udemy lost 5%||Udemy share price witnessed profitbooking after rallying 11% last week, stock up 35% in last 6-months.|
US ETFs - Learn about the ETFs?
- Which Indian stock has the highest allocation in one of the most popular emerging market ETFs - MSCI Emerging Markets iShares ETF (EEM)?
Reliance Industries (1.1%) has the highest allocation in MSCI Emerging Markets iShares ETF followed by Infosys.
- Which stock has the highest allocation in one of the most popular Tech ETFs - Vanguard Information Technology ETF (VGT)?
Apple has the highest allocation of (19.3%) in the Vanguard Information Technology ETF.
- Which sector has the highest allocation in one of the popular balanced ETF - iShares Core Aggressive Allocation ETF (AOA)?
The Technology sector has the highest allocation of (20.47%) in iShares Core Aggressive Allocation ETF.
- Which stock has the highest allocation in one of the most popular emerging market ETFs - SPDR Portfolio Emerging Markets ETF (SPEM)?
Taiwan Semiconductor has the highest allocation of (4.58%) in SPDR Portfolio Emerging Markets ETF.
- Which stock has the highest allocation in Cathie Wood’s famous ARK Innovation ETF (ARKK)?
Tesla has the highest allocation of (more than 7%) in Cathie Wood’s famous ARK Innovation ETF.
Why is Snap share price rising?
Snap share price extended gains over reports of firm's focus on touching $6 billion in revenue and 450 million users quickly.
Why is Shopify stock gaining?
Shopify share price extended gains over reports of change in management, plans of new growth strategy.
Why did Rivian share price jump?
Rivian share price jumped over reports of tie-up with Mercedes-Benz to build electric commercial vans in Europe.