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### Boosting the PC Industry: HP’s Enthusiasm for AI Desktops Drives S&P 500 Gains

The S&P 500 added 0.4% on Wednesday, Nov. 22, 2023, heading into the Thanksgiving break with a …

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  • The S&P 500 rose by 0.4 % on Wednesday, November 22, 2023, rebounding after the conclusion of its profitable five-day streak on Tuesday ahead of the Thanksgiving holiday.
  • HP’s positive outlook on AI desktops potentially boosting business led to an increase in the stocks of the PC and printer manufacturer.
  • Nvidia expressed concerns about the impact of new U.S. trade penalties on China on its financial results.

Preparing for the Thanksgiving holiday on Thursday and a shortened trading session on Friday, the S&P 500 recovered with a 0.4 % increase following the end of its five-day winning streak the previous day. Moreover, both the Dow and Nasdaq saw gains.

Anticipating increased Thanksgiving travel activity and favorable weather conditions across the United States, airline and cruise line stocks surged. Carnival Corporation (CCL) and American Airlines (AAL) witnessed rises of 1.5 % and 1.9 %, respectively.

HP (HPQ) saw a 2.8 % surge in its stock value after announcing a resurgence in the market driven by the expected demand for AI-powered computers.

Responding to speculations about EBay’s (EBAY) potential divestment of half its stake in the Norwegian online classified ad company Adevinta, with plans to retain a 20 % share post-privatization, the stock soared by 3.1 %.

Deere & Co. (DE) experienced a 3.1 % decline as the major farm equipment manufacturer cautioned about the impact of declining commodity prices, elevated inflation, and interest rates in 2024 on demand.

Tesla (TSLA) once again slashed the prices of its electric vehicles by up to $3,000, resulting in a 2.9 % drop in its stock value.

Nvidia (NVDA) witnessed a 2.5 % decrease in its stock value following the company’s warning about the adverse effects of new U.S. export restrictions targeting China on its performance in the ongoing quarter.

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Last modified: February 21, 2024
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