The stock market saw a positive turn as the Dow Jones Industrial Average and other major indexes rose following a stronger-than-expected February jobs report for the second consecutive month. Nvidia stock saw a significant boost after Mizuho raised its price target to 1,000, but there are hints of a potential pullback in the near future.
Small caps and midcaps led the early gains, with the iShares Russell 2000 ETF and SPDR S&P MidCap 400 ETF both posting notable increases. Meanwhile, top gainers in the Dow Jones included Salesforce, which saw a nearly 2% increase.
Broadcom, despite a solid earnings report and a $10 billion AI chip sales forecast, saw a 3% decrease in its stock. However, AI-related stocks like Super Micro Computer and Advanced Micro Devices continued to climb.
Samsara, within the MarketSurge Growth 250, surged over 10% after reporting strong earnings and revenue guidance above expectations. The Nasdaq and S&P 500 reached record highs, with the Nasdaq up 0.9% and the S&P 500 up 0.5%.
Advancers outnumbered decliners on both the Nasdaq and NYSE, with Bitcoin-related stocks like MicroStrategy, Marathon Digital, and Coinbase outperforming. Square parent company Block also showed promise with a 4% gain.
On the downside, Costco and MongoDB saw significant drops following their earnings reports. For more stock market analysis and insight, follow Ken Shreve on Twitter @IBD_KShreve.
