As of 11:50 AM ET, the Dow Jones Industrial Average (DJINDICES:^DJI) is up 0.80% to 54,521, and the S&P 500 (SNPINDEX:^GSPC) has climbed 0.03% to 7,738, putting both in record-high territory. The Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.26% to 26,517.
Gold prices surged 3.60% to $4,242.40, and the 10-Year Treasury yield has inched up 0.02 to 4.64% this morning. Healthcare, basic materials, and tech stocks are up, while industrials, energy, and utility stocks saw the biggest declines.
Today's biggest moves
Eli Lilly shares climbed on upbeat guidance from the pharmaceutical giant. Advanced Micro Devices stock fell over 6% despite an earnings beat, as investor concern over its high capital expenditure weighed on valuations. Space Exploration Technologies tumbled almost 9% this morning following its first public earnings report yesterday, and Uber Technologies dropped following disappointing quarterly results. Shopify soared 17% on robust earnings.
What this means for investors
Markets were mixed this morning as optimism about a potential U.S.-Iran deal to reopen the Strait of Hormuz wavered as yesterday’s tech rally lost steam. Big tech firms, including Apple, Microsoft, and Amazon, all fell.
Artificial intelligence (AI) bellwether Nvidia gained after SpaceX CEO Elon Musk said the firm would use only Nvidia chips, further pressuring AMD. With valuations at record highs, investors are looking for blowout results this earnings season, and AMD — which has a forward P/E ratio of 66 — didn’t quite make the mark.
Watch for earnings from Sandisk and Western Digital after the bell today, as both will shed more light on semiconductor demand, AI spending, and investor sentiment.
Emma Newbery has positions in Amazon, Apple, and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Apple, Eli Lilly, Microsoft, Nvidia, Shopify, Uber Technologies, and Western Digital. The Motley Fool has a disclosure policy.