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S&P 500 Closes Within Striking Distance Of Record: Markets Wrap

Jan 23, 2025 - ndtvprofit.com
A rally in big tech, driven by optimism over artificial intelligence and strong earnings from major companies, has pushed stocks close to their all-time highs. The S&P 500 briefly surpassed 6,100, with notable gains from Netflix and Nvidia. Despite the rally, concerns about market breadth and high valuations persist, as most S&P 500 companies saw declines. JPMorgan's Jamie Dimon warned of an overheated market, while strategists at BlackRock and ClearBridge Investments remain optimistic about continued growth, especially if earnings broaden beyond tech megacaps.

Corporate highlights include Netflix's record subscriber growth, Salesforce's AI product deals, and Samsung's upcoming Galaxy S25 launch. Key market movements saw the S&P 500, Nasdaq 100, and Dow Jones rise, while the Russell 2000 fell. In currencies, the euro, pound, and yen declined against the dollar. Bitcoin and Ether also dropped, while bond yields rose slightly. Commodities saw West Texas Intermediate crude fall and spot gold rise.

Key takeaways:

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  • Stocks are nearing all-time highs, driven by optimism in artificial intelligence and strong earnings from major companies.
  • Despite the rally in big tech, there are concerns about market breadth and high valuations, with most S&P 500 companies experiencing declines.
  • Netflix Inc. reported its largest-ever subscriber gain, while Nvidia Corp. and Oracle Corp. also saw significant gains.
  • Key economic events this week include Eurozone consumer confidence, US jobless claims, and the Bank of Japan policy meeting.
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