US Market today: Why are Snap, Rivian and Shopify stocks rallying?

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US stock market news today

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 actionReason 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?

Reliance Industries (1.1%) has the highest allocation in MSCI Emerging Markets iShares ETF followed by Infosys.

Apple has the highest allocation of (19.3%) in the Vanguard Information Technology ETF.

The Technology sector has the highest allocation of (20.47%) in iShares Core Aggressive Allocation ETF.

Taiwan Semiconductor has the highest allocation of (4.58%) in SPDR Portfolio Emerging Markets ETF.

Tesla has the highest allocation of (more than 7%) in Cathie Wood’s famous ARK Innovation ETF.

  • Why is Snap share price rising?

  • Why is Shopify stock gaining?

  • Why did Rivian share price jump?