Stock Market Today: Strong Rally Again

February 7, 2023, 7:02 pm EST

Strong Rally Again

Fed’s comment drove up the stock market again with DJIA 0.78%, S&P 500 +1.29%, and Nasdaq +1.9%. Jerome Powell indicated that deflation might begin slowly which gave market participants to think the rate hike process may be near the late stage for now. Of course, these thoughts are simply speculation but markets welcome this possibility. Also, strong job data was released last Friday that supported this idea. 

The featured table of S&P 500 shows the top 10 winners in various categories:

  • Semiconductor: SWKS, QRVO, NVDA
  • Financial: CINF, FISV
  • Gaming: TTWO, ATVI
  • Cruise: RCL, NCLH
  • Material: DD

Definitely, it is a strong rally across the board. Other Nasda100 also presents some strong winners like BIDU +12%, ZM +10%, GOOGL +5%, IDXX, and WDAY +4%. 

Particularly, Dow Jones formed a breakout-ready position from a technical analysis point of view. S&P 500 and Nasdaq also look bullish by standing above all trend lines. 

It should be a hint to brush up on watchlist candidates if this momentum can continue.

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