Ross Stores Surges on Strong Earnings While AI Stocks Slump
Ross Stores (ROST) shares jumped 8.4% after the discount retailer exceeded third-quarter sales and profit estimates, capitalizing on consumers' growing preference for bargains. The company raised its holiday outlook, signaling confidence in continued demand for affordable apparel and accessories.
Meanwhile, tech giants Nvidia, Oracle, and Broadcom extended their declines as the AI sector's downturn persists. Oracle faces mounting scrutiny over its valuation and ability to meet ambitious targets, reflecting broader concerns about overheated tech valuations.
The S&P 500 gained 0.9% in a Friday rebound, with the Dow rising 1.1% and the Nasdaq climbing 0.8%. The recovery partially offset Thursday's losses as markets continue to navigate shifting sectoral momentum.
