S&P 500 Gains and Losses Today: HP Optimistic on AI Computers Boosting PC Market.

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

Key Takeaways

• The S&P 500 added 0.4% on Wednesday, Nov. 22, 2023, heading into the Thanksgiving break with a bounce back after its five-day winning streak ended Tuesday.
• HP said it was optimistic that AI computers would lift the market, and shares of the PC and printer maker advanced.
• Nvidia warned that new U.S. export sanctions on China would affect its results.

The S&P 500 advanced 0.4%, rallying back after its five-day winning streak was snapped yesterday, as the markets prepared for Thursday's Thanksgiving holiday and a shortened session on Friday. The Dow and Nasdaq were also higher.

Anticipation of record Thanksgiving holiday travel and overall good weather around the U.S. boosted shares of airlines and cruise lines. American Airlines (AAL) shares were up 1.5%, and Carnival Corporation (CCL) shares added 1.9%.

HP (HPQ) shares gained 2.8% after the PC and printer manufacturer indicated that it sees a market rebound led by expected demand for artificial intelligence (AI) computers.

EBay (EBAY) shares rose 3.1% on word of a potential deal where the e-commerce company would sell half its stake in Norway-based online classified ad firm Adevinta and then retain 20% ownership when Adevinta was taken private.

Deere & Co.(DE) shares sank 3.1% after the maker of big farm equipment indicated that 2024 profit would miss estimates as falling commodity prices combined with high inflation and interest rates eat into demand.

Tesla (TSLA) once again cut prices of its electric vehicles, this time by as much as $3,000, and shares slid 2.9%.

Nvidia (NVDA) shares lost 2.5% after the AI chip powerhouse warned new U.S. export restrictions on China will have a negative impact on its results for the current quarter.

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