Ahead of tomorrow’s awaited inflation report, U.S. stocks will build on Tuesday’s technology stock buying momentum. Markets reacted to oil prices falling to below $74 a barrel.
Nvidia (NVDA) led the rally in the Nasdaq (QQQ) and is now on a five-day winning streak.
Traders continue to lean on artificial intelligence chip suppliers. Broadcom (AVGO), Advanced Micro Devices (AMD), and Intel (INTC) all traded higher yesterday.
Super Micro Computer (SMCI) briefly traded above the $50 level. However, it met resistance at the 50-day simple moving average. The firm, which has not filed its annual report yet, announced a new 3U Edge AI server. This supports up to 18 GPUs. It has dual Intel Xeon 6900 processors. CEO Charles Liang said that the versatile solution will run LLM-based applications on-premise.
In the software sector, Palantir (PLTR) jumped by 6.58%. The stock continued its uptrend after the S&P 500 (IVV) added Palantir to the index.
Edwards Lifesciences (EW) might break out above $70 this week. The struggling firm is a takeover target after the medical device maker’s stock fell over the summer.
Palo Alto Networks (PANW) gained 5.09% yesterday. Chances are high that the stock will hold the $350 level. The firm’s Secure Access Service Edge is a revenue generator for the firm.
