PRISM Market Momentum: Stocks on the Move on Thursday; Moderna, Nvidia Surge; Rivian and Lucid Decline

US equities are trading higher on Thursday at midday, with the S&P moving to a new all-time high and the Nasdaq having its best session since November. Big tech is higher after a strong Nvidia ($NVDA) earnings report on Thursday. Other areas of strength include software, airlines, transports, biotech, fertilizers, cruise lines, investment banks, and hotels. EVs are flagging, along with food/beverage, credit cards, utilities, aluminum, media, and solar. Treasuries are mixed, the Dollar index is flat, Gold is down (0.1%), Bitcoin futures are up +1.0% and WTI crude is up +1.2%.

Notable gainers at midday are Moderna ($MRNA) which has risen +14.6% on strong Q4 earnings driven by improved costs. The company said it expects to launch its RSV vaccine this year, with a PDUFA date of May 12. Nvidia ($NVDA) has gained +14.4% with Q4 revenue and EPS beat by more than 8% and 12% respectively, while Q1 revenue guidance was nearly 9% ahead. Wayfair ($W) is up +6.6% on positive earnings with Q4 EPS beat, revenue and EBITDA in line.

The day’s decliners are Rivian ($RIVN) which has slumped (26.1%) on weak Q4 earnings and disappointing 2024 production guidance for 57,000 vehicles. The company flagged economic and geopolitical uncertainties and pressures, and the impact of historically high interest rates. Lucid Group ($LCID) is down (17.4%) after reporting Q4 EPS in line but revenue missed, and Keurig Dr Pepper ($KDP) is down (3.8%) after earnings showed Q4 EPS beat but revenue missed. Analysts flagged ongoing weakness in the coffee segment.

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PRISM Market Momentum: Stocks on the Move on Thursday; Moderna, Nvidia Surge; Rivian and Lucid Decline

Greg Barton