Magnificent Seven pushes tech-heavy Nasdaq higher: Nvidia rises 2%, Meta up 1% ahead of earnings week, Tesla gains 3%

The Nasdaq Composite index surged to an all-time high on Friday, mainly driven by tech stocks ahead of their earnings week.

The Nasdaq Composite index gained 1.4 per cent, whereas the S&P 500 rose to a record high of 0.9 per cent and the Dow Jones Industrial Average rose 0.5 per cent as of 10:11 am Eastern Time.

The market was boosted mainly by Magnificent Seven stocks, including Nvidia, Meta, Amazon, Microsoft, and Netflix.

Nvidia shares rose about 2 per cent on Friday. Shares of Amazon, Meta, Microsoft, and Netflix rallied by more than 1 per cent.

Tesla’s shares went up by 3.1 per cent, reporting a 22 per cent surge in the previous session after the announcement of Q3 results, projecting a strong sales forecast, reported Reuters.

Apple, Meta, and Microsoft are scheduled to release earnings next week, whereas Tesla released its earnings on October 23.

As the market opened on Friday, the Nasdaq Composite rose 97.1 points, or 0.53 per cent, to 18,512.577. The S&P 500 rose 16.9 points, or 0.29 per cent, to 5,826.75, whereas the Dow Jones Industrial Average gained 103.2 points, or 0.24 per cent, to 42,477.51.

Treasury yields decline

Meanwhile, the Treasury yields dipped from this week’s high. The yield on the benchmark 10-year Treasury note slipped to 4.19 per cent after hitting a high of 4.26 per cent earlier in the week.

On Friday, Gold prices fell on profit booking after a recent rally.

Spot gold price has decreased by 0.4 per cent to $2,724.50 per ounce at 11:59 GMT.

Spot silver fell 1.4 per cent to $33.23 per ounce. Earlier this week, it had hit a 12-year-high of $34.87.

The oil prices went up on Friday with the ongoing tensions in the Middle East.

Brent crude futures gained 76 cents, or 1.02 per cent, to $75.14 a barrel at 12:14 GMT. The US West Texas Intermediate crude rose by 77 cents, or 1.1 per cent, at $70.96.