Dow, Nasdaq End Q3 on High, Nvidia Soars Amidst Shutdown Fears
The Dow Jones Industrial Average ended the third quarter on a high note, with a nearly five percent gain. Meanwhile, the Nasdaq Composite is set for an eight to nine percent rise for the quarter, boosted by tech stocks. However, the stock market faces potential volatility due to a potential government shutdown at the start of October.
Nvidia's shares continued their record-breaking streak, rising by 2.2 percent on Tuesday, marking the fourth consecutive day of gains. The tech giant's strong performance has contributed significantly to the Nasdaq Composite's rise. Lam Research also performed well, rising by 1.9 percent and extending its record-breaking streak.
On the other hand, Firefly Aerospace experienced a significant drop of 22.3 percent after reporting an explosion during a rocket test on its X platform. The incident highlights the risks and challenges faced by space companies.
In the telecommunications sector, Echostar rose by 2.9 percent on reports of Verizon's interest in buying frequency spectrum. Dish Network and AT&T are also reportedly involved in negotiations related to the spectrum business. Pfizer gained 2.2 percent in the S&P 500 after agreeing to sell drugs to Medicaid at lower prices.
Despite a potential government shutdown causing some stock market jitters, the Dow Jones Industrial Average and Nasdaq Composite have shown strong gains for the quarter. Tech stocks, particularly Nvidia and Lam Research, have driven this growth. However, risks and setbacks, such as Firefly Aerospace's rocket test failure, also impact the market.
