Why Amazon, Nvidia, and Snowflake All Gained Ground Today
The roller-coaster ride on Wall Street continues. After falling for much of the week, the major stock market indexes were gaining ground early Thursday as investors digested the latest unemployment numbers. Last week's initial jobless claims suggest the Federal Reserve's campaign to combat inflation may finally be bearing fruit.
Investors used that positive development as an excuse to buy up their favorite beaten-down tech stocks. As of 11:59 a.m. ET, Amazon (NASDAQ: AMZN) had climbed by 1.5%, Nvidia (NASDAQ: NVDA) had jumped by 4.1%, and Snowflake (NYSE: SNOW) had rallied by 5.3%.
There was little in the way of company-specific news to explain their upward momentum, which suggests that traders' focus was squarely on the trajectory of the overall economy.
Source Fool.com
