Stocks Soar As Another Record Quarter By NVIDIA Shows The AI Boom Is Far From Over

Market Moves You Need to See Stocks Soar As Another Record Quarter By NVIDIA Shows The AI Boom Is Far From Over [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Soar As Another Record Quarter By NVIDIA Shows The AI Boom Is Far From Over [Stocks Soar As Another Record Quarter By NVIDIA Shows The AI Boom Is Far From Over]Image: Bigstock Stocks soared yesterday with the Nasdaq gaining 2.96%, and the S&P gaining 2.11%. Wednesday afternoon's record quarter by NVIDIA where they beat estimates and raised guidance energized the market. The AI boom, which has led to soaring demand for semiconductors and other AI-related products and services, does not look to be ending anytime soon. And investors are wasting no time piling into stocks. Less than two months into the new year, the S&P is already up 6.65% YTD, with the Nasdaq 100 up 7.01%. Yesterday's Weekly Jobless Claims fell -12,000 to 201K vs. the consensus for 216K. The Chicago Fed National Activity Index slipped to -0.30 vs. last month's upwardly revised 0.02. The 3-month average came in at -0.02, an improvement vs. last month's snapshot of -0.14. The PMI Composite Flash report came in at 51.4 with the Manufacturing Index at 51.5 vs. views for 50.1, and the Services Index at 51.3 vs. estimates for 52.0. And Existing Home Sales hit 4.00 million units (annualized) vs. last month's 3.88M and expectations for 3.97M. The m/m change was 3.1%, up from last month's -0.8% pace. On a y/y basis it's off -1.7%, an improvement vs. last month's -3.7% change. Not much in the way of economic reports today. But earnings season continues with another 77 companies on deck to report. Earnings season is nearly over. But there's still a few big-name companies that have yet to report. The biggest name today is Berkshire Hathaway. We'll see if the market can add to yesterday's soaring gains or if a bit of consolidation is in store. Either way, the major indexes are all pointing up for the week with just one more day to go. If the week closes up, that'll make it 6 up weeks out of the last 7 for the big three indexes. And 7 up weeks in a row for the mid-cap S&P 400. The small-cap Russell 2000 still has nearly a full percentage point to make up to get positive for the week. If so, that'll make it 3 up weeks in a row, or 4 up weeks out of the last 5. And they are all looking positive for the month. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Buy These Insider Stocks Today]( When in-the-know officers dip into their own pockets to buy shares of their own company, there's only one reason: They expect the stock price to go up. Because of their inside knowledge of anticipated contracts, mergers, product breakthroughs and the like, insiders must report their trades to the SEC within 48 hours. Zacks has zeroed in on the best of these buys. 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