TheDrop Market Analysis, 10/8/24

Markets surged today following yesterday's selling pressure, with Big Tech at the forefront.

The Nasdaq led today's rise with a strong 1.5% increase. The S&P followed its lead with a 1% increase, and the Dow grew marginally by 0.3%.

Investors, following yesterday's dip, have now altered their viewpoints on the future of the economy. After Nvidia highlighted it's success, investors have now looked into other similar chip makers and technology companies. Also, a fall in oil prices has made other stocks boom as Middle East pressures subside.

Nvidia continued its momentum with a growth by a staggering 4%. Intel similarly rose 4%, and Tesla rose 1.5%.

Meanwhile, some EV-heavy companies did fall after pressure from China, especially SMCI, a key manufacturer of EV chips, which fell by 5%. Due to the fall in oil prices, Exxon Mobil fell by around 2.7%.