Strategic Wealth Partners COO Tony Zabiegala provides his best semiconductor play on ‘The Claman Countdown.’
U.S. stocks rose Wednesday as large-cap tech took the lead after Google and AMD’s strong quarterly results.
The Nasdaq Composite rose 0.6%, the S&P 500 0.4% and the Dow Jones Industrial Average a more modest 0.1% or over 66 points.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35403.57 | -1.67 | -0.00% |
| SP500 | S&P 500 | 4571.92 | +25.38 | +0.56% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14466.339546 | +120.34 | +0.84% |
The gains come even after U.S. companies unexpectedly shed 301,000, according to ADP, which is viewed as a precursor to the monthly government report due Friday, which is expected to signal job creation of 153,000 roles.
US COMPANIES UNEXPECTEDLY SHED 301,000 JOBS
Shares of Alphabet, parent of Google, surged after revenue topped $72 billion and the company announced a 20-for-1 stock split.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 2,947.51 | +194.63 | +7.07% |
AMD also rose after revenue jumped 49% to $4.8 billion, exceeding estimates. Other chipmakers rose in tandem, including Qualcomm, Nvidia and Xilinx.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMD | ADVANCED MICRO DEVICES INC. | 125.82 | +9.04 | +7.74% |
| QCOM | QUALCOMM INC. | 183.62 | +6.50 | +3.67% |
| NVDA | NVIDIA CORP. | 254.39 | +8.01 | +3.25% |
General Motors jumped after profits rose 56% helped by higher car prices as the supply chain crisis ramps up costs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 53.15 | -0.80 | -1.48% |
| F | FORD MOTOR CO. | 20.50 | -0.15 | -0.73% |
After the close of trading, Meta Platforms, formerly Facebook, will report earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | META PLATFORMS INC. | 323.00 | +4.00 | +1.25% |
PayPal fell after its guidance disappointed Wall Street
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC. | 132.91 | -42.89 | -24.40% |
In commodities, oil topped $89 per barrel as OPEC hosts its meeting.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 62.19 | -0.34 | -0.54% |
LABOR SHORTAGE HAS HOME DEPOT PUSHING ‘ACCELERATED HIRING PROCESS’
In cryptocurrencies, Bitcoin held at the $38,000 level.
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The Associated Press contributed to this report.
