The semiconductor manufacturer was trading 14% higher in extended trading after issuing strong guidance for the current quarter. Results for Micron's fiscal fourth quarter also topped analysts' estimates. Fellow semiconductor-linked stocks Applied Materials and Lam Research both rose 4% in sympathy.retreated from their records to close lower. The broad market benchmark lost 0.19%, while the blue-chip average sank 0.70%. Both indexes had hit fresh all-time highs earlier in the day.
"What stocks do in the next month is a bit of a coin flip, and I think that's what we're seeing, because there's some repositioning that took place and also we're now thinking about the 40 days into the election," he said on CNBC's"" on Wednesday afternoon."A lot don't want to commit capital until after Election Day. I don't think it matters who wins; they just want to get that event behind them.
The next potential catalyst awaiting traders is the weekly jobless claims report, which is due Thursday. Economists polled by Dow Jones anticipate 223,000 initial unemployment claims were filed for the week ending Sept. 21. The final reading of second-quarter gross domestic product is also out in the morning.
Several Federal Reserve officials are also slated to speak on Thursday, including Chair Jerome Powell and New York Fed President John Williams."With Nvidia, the odds are against you because of how high a price you're paying," the"Dean of Valuation" told CNBC's"" on Wednesday. During Wednesday's session, Nvidia shares rose more than 2% to a closing price of $123.51, passing $3 trillion in market capitalization.
"Nvidia is the perfect momentum play in either direction," he continued, saying that's because it has nothing to do with fundamentals or the state of the business."If you're a trader, I can see why Nvidia is going to be where you're going, but as an investor, I think the worst odds are with Nvidia.""You've priced this company to be the most amazing company of all time," he said.
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