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[TOP MOVERS] Nvidia's Surge Sparks Tech Optimism, Rivian Stumbles

[TOP MOVERS] Nvidia's Surge Sparks Tech Optimism, Rivian Stumbles

By Bill Bullington

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2/21, 17:05 EST
Advanced Micro Devices, Inc.
Etsy, Inc.
Lucid Group, Inc.
Marvell Technology, Inc.
NVIDIA Corporation
UiPath, Inc.
Rivian Automotive, Inc.
Southern Company
Xcel Energy Inc.

US Equities: A Mixed Bag of Surprises and Disappointments in After-Hours Trading

In the ever-dynamic landscape of the US stock market, Wednesday's after-hours trading session brought a mix of surprises and disappointments, painting a vivid picture of the current state of various sectors. The S&P 500 Index managed to claw back from an intraday dip, closing slightly higher at 4,981.80, despite Nvidia's pre-earnings report jitters that saw the stock close lower.

The Winners Circle

ACV Auctions (ACVA) emerged as a standout performer, with its stock jumping 18% post-market. The online car auction platform's optimistic full-year revenue forecast surpassed analysts' expectations, signaling robust growth prospects.

Nvidia Corp. (NVDA) stole the spotlight by surging 9.5% after hours, buoyed by its forecast of another significant sales increase for the current quarter. This projection not only underscored Nvidia's burgeoning value but also lifted spirits across the semiconductor and AI technology sectors, with companies like Advanced Micro Devices (AMD), Marvell Technology (MRVL), and Super Micro Computer (SMCI) riding the wave of optimism.

Facing Headwinds

On the flip side, Rivian Automotive (RIVN) faced a steep 14% decline after the electric-vehicle maker's 2024 production forecast fell short of expectations, coupled with the announcement of a 10% reduction in its salaried workforce. Lucid Group (LCID) also found itself in troubled waters, with its stock down 6% following a quarterly report that left investors wanting more.

Sector Snapshot

The after-hours trading session offered a broad view of the market's movers and shakers, spanning across various market capitalizations:

  • Over $20 Billion Market Cap: Super Micro Computer (SMCI) and Nvidia (NVDA) were among the top gainers, while Xcel Energy (XEL) and Southern Co (SO) experienced slight declines.

  • $5 Billion to $20 Billion Market Cap: UiPath (PATH) and AppLovin (APP) saw modest gains, whereas Etsy (ETSY) and Lucid (LCID) faced downturns, reflecting the mixed sentiment in this segment.

  • $50 Million to $5 Billion Market Cap: ACV Auctions (ACVA) led the charge with a 23.2% surge, while Sunrun (RUN) and Goosehead Insurance (GSHD) encountered significant sell-offs.

Volume and Market Sentiment Indicators

The session also highlighted stocks that experienced substantial volume shifts compared to their 30-day averages, with InFinT Acquisition (IFIN US) and Marcus Corp (MCS US) seeing notable increases. Meanwhile, stocks reaching their 52-week highs included Plains GP (PAGP US) and SiriusPoint Ltd (SPNT US), signaling strength in certain sectors. Conversely, Claros Mortgage Trust (CMTG US) and WW International (WW US) touched new lows, reflecting investor caution.

Analyzing the Aftermath

The after-hours trading session underscored the market's nuanced reactions to corporate forecasts and sectoral shifts. Nvidia's bullish outlook, in particular, highlighted the growing influence of AI and semiconductor technologies, potentially setting the tone for market sentiment in the coming days. Conversely, the challenges faced by Rivian and Lucid underscore the hurdles within the EV sector, emphasizing the importance of meeting production and financial forecasts in maintaining investor confidence.

As the market digests these developments, investors remain attuned to the intricate dance of expectations versus reality, with each earnings report and corporate forecast serving as a critical piece of the broader market mosaic.