Stock Market Volatility: NVIDIA Boosts S&P 500, But Interest Rates Weigh

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Stock Market,S&P 500,Dow Jones

The stock market saw a rollercoaster ride today, initially surging on positive news but then retracing its gains as interest rates dampened the enthusiasm. NVIDIA's impressive performance was the highlight, while broader market indicators showed signs of weakness.

The stock market experienced a volatile day, initially surging on strong performance fueled by news from Foxconn's reported revenue and anticipation of Jensen Huang's remarks at CES. However, the enthusiasm waned as higher interest rates exerted pressure on most sectors outside technology. The S&P 500 finished up 55 basis points, having been up nearly 1.25% earlier, but those gains gradually eroded throughout the afternoon.

Market breadth deteriorated significantly as the day progressed, shifting from decisively positive to negative. On the Bloomberg 500, 258 stocks closed down compared to 239 stocks that were up. NVIDIA was the standout performer, gaining 3.5% and accounting for 40% of the Bloomberg 500 index's gains. Technically, the S&P 500's performance wasn't particularly noteworthy, failing to reach key resistance levels. The Dow Jones Industrial Average also closed down seven basis points, giving back its earlier gains. Without NVIDIA's contribution, the market appeared significantly weaker. The day's volatility likely stemmed from interest rates fluctuating due to mixed headlines regarding tariffs. Looking ahead, today's 10-year auction will be more significant than yesterday's lackluster 3-year auction. Key economic data, including JOLTS, ISM, and ADP numbers, will also be released. With markets closing on Thursday, attention will shift to Friday's BLS report, which could have a substantial impact on the market

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