STORY: Wall Street’s main indexes gained ground on Thursday, with the Dow ticking up marginally for a record high close, the S&P 500 climbing about a third of a percent to also notch a record high close, and the tech-heavy Nasdaq adding more than half a percent.
Shares of Nvidia fell less than one percent on trade uncertainties with China, and despite a 56% surge in quarterly revenue that confirmed demand for AI technology remains strong.
Other AI heavyweights rose, including Alphabet and Amazon, with chipmaker Broadcom rising almost 3%.
But Ben McMillan, chief investment officer and co-founder of IDX Advisors, believes macro-economic factors may pressure high-flying stocks in the months ahead.
“I do think we’re starting getting into the back half of the year where investors should urge some caution as it relates to the risk-on trade. Back to basics, diversification, you know, taking profits, rotating out of, potentially, sectors that have done very well. And the market is just, I think it’s kind of in looking-at-data mode. Seeing what’s gonna happen to the Fed. And then also just waiting for data to come in that’s gonna determine one way or another, if we’re not, whether or not we have a recession in the back half.”
Other stocks on the move included chip maker Marvell Technology, which slid about 8% in extended trading after the company forecast third-quarter revenue below Wall Street estimates, as economic uncertainty and tariff concerns weighed on overall demand.
Shares of Caterpillar dropped about 3% in after-hours trading as the construction equipment maker raised its estimate of tariff-related costs for 2025.
And shares of Dell fell more than 4% in extended trading after the company gave a third-quarter profit outlook that disappointed investors.
