All three major indices are now positive on the day. The gains are led by the S&P index which is up 0.41%. The NASDAQ index is up 0.39%. The Dow industrial average which was down by as much as -309.91 points is now back in positive territory with a gain of 59.23 points or 0.13%.
Both the S&P and the Dow industrial average are on pace for record closes. For the Dow industrial average, it closed at a record level yesterday so anything positive today, would be a new record.
For the S&P index it’s all time high close was reached on November 11 at 6001.35. The current index is trading at 6012 up 25 points or 0.41%.
The NASDAQ index is trading up 73 points or 0.39% at 19128. It’s all time high closing level was at 19298.76 also reached on November. 11.
The Russell 2000 is trading down -20.69 points or -0.85% at 2421.35. Yesterday the index closed at 2442.03. That was just short of its all-time high close of 2442.74 reached back in November 2021.
Some big winners today include:
Microsoft, +2.01%Amazon, +2.69%Meta , +1.21%Oracle, +1.26%Alphabet, +1.08%Novo Nordisk +1.38%Walmart +2.56%Salesforce, +1.0%Palo Alto networks+2.66%
Dell will announce its earnings after the close. Its shares are currently down $2.95 or -2.05% at $141.37. Shares of Dell are up around 85% this year.
Dell EPS is expected at $2.06 on Revenues of $24.67B. That compares to $1.88 (+9.04%) on revenues of $22.25B (10.8%). Earnings have been expectations in 10 straight quarters. Revenues they been expectations on eight of the last 10 quarters.
Key Items to Watch: Dell’s AI Growth Momentum
Dell emphasizes AI growth as a critical focus, mirroring industry trends.AI-optimized server demand reached $3.2 billion in Q2, a 23% increase from Q1.Backlog for AI-optimized servers stood at $3.8 billion at the end of Q2.Dell’s pipeline for AI solutions has expanded to multiples of its backlog, signaling strong future demand.
Shares of Dell peaked at $179.80 on the day before its earnings announcement on May 30, 2024. The price gap lower the next day opening at $143.80. The price stepped lower from there bottoming on August 7 at a low of $86.93 before starting its rebound back to the upside.
Recently, Dell’s shares have benefited from the turmoil from Super Micro Computer as they struggled with accounting issues
This article was written by Greg Michalowski at www.forexlive.com.
