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On Wednesday, major U.S. indices closed in positive territory. The Dow Jones Industrial Average rose 0.2%, finishing at 40,842.79, while the S&P 500 surged 1.6% to 5,522.30. The Nasdaq experienced a significant gain, jumping 2.6% to 17,599.40.
Federal Reserve Chair Jerome Powell indicated that a rate cut might happen in September if inflation and the labor market meet expectations. The Fed held the interest rate steady at 5.25-5.5% in July, with Powell noting increased confidence in achieving the 2% inflation target.
Let’s dive into the top trending stocks of the day:
Meta Platforms Inc. (NASDAQ:META)
Meta Platforms closed the day with a 2.51% increase, ending at $474.83. The stock hit an intraday high of $476.5 and a low of $466.75. The company’s 52-week range is $274.39 to $542.79. The Mark Zuckerberg-led company reported a strong second-quarter earnings, beating both top and bottom-line analyst estimates.
NVIDIA Corporation (NASDAQ:NVDA)
Nvidia’s stock soared by 12.81%, closing at $117.02. The intraday high and low were $118.34 and $110.88, respectively, with a 52-week range of $39.23 to $195.95. Notably, former House Speaker Nancy Pelosi (D-Calif.) disclosed the purchase of additional Nvidia shares this week.
Arm Holdings Plc (NASDAQ:ARM)
Arm Holdings saw an 8.43% rise in its stock, closing at $144.17. The stock’s intraday high was $145.48 and the low was $138.94. Its 52-week range is $46.50 to $188.75. Despite a 10.5% fall in share price in the after-hours session after the first-quarter results were revealed, the company reported strong growth in royalty revenue.
Qualcomm Inc. (NASDAQ:QCOM)
Qualcomm’s stock increased by 8.39%, ending the day at $180.95. The stock’s intraday high and low were $181.08 and $173.41, respectively, and its 52-week range is $104.33 to $230.63. The company reported a revenue beat in its third-quarter earnings, marking an 11% year-over-year increase.
Tesla Inc. (NASDAQ:TSLA)
Tesla’s stock rose by 4.25%, closing at $232.08. The intraday high and low were $234.68 and $226.79, respectively, with a 52-week range of $138.80 to $278.97. CEO Elon Musk recently compared Tesla’s current position to Nvidia’s before its stock surge.
Photo by WHYFRAME on Shutterstock
Prepare for the day’s trading with top premarket movers and news by Benzinga.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
