The stock market reached new all-time highs on Thursday, with the S&P 500 and Nasdaq 100 indices hitting major milestones. This surge was fueled by Nvidia Corp. (NVDA), which saw its stock price soar 9% to over $1,000 per share after reporting exceptional earnings and optimistic guidance. The chipmaker reported a revenue of $26 billion in the latest quarter, a 262% increase from the same period last year, with AI-powered data center revenue jumping 427% year over year.
The SPDR S&P 500 ETF Trust and the Invesco QQQ Trust both reached all-time highs, gaining 0.3% and 0.7%, respectively. However, technology stock underperformance weighed on the blue-chip index, with the SPDR Dow Jones Industrial Average falling 0.4%. Small-cap stocks also saw a slight decline, with the iShares Russell 2000 ETF dropping 0.1%. Technology stocks led the gains, with the Select Technology Sector SPDR Fund increasing by 0.6%.
In the industrial sector, semiconductor stocks were the top performers, with the VanEck Semiconductor ETF and iShares Semiconductor ETF rising by 3.1% and 1.7%, respectively. Nvidia’s success is expected to impact other AI-related stocks positively, potentially propelling them to new heights.
Top gainers in the S&P 500 included Nvidia Corporation, Super Micro Computer, Inc., Advanced Micro Devices Inc., Applied Materials, Inc., and International Paper Company. In the Nasdaq 100, the top gainers included Nvidia Corporation, PDD Holdings Inc., ASML Holding N.V., Advanced Micro Devices Inc., and Applied Materials, Inc.
Overall, the stock market saw significant gains on Thursday, with technology and semiconductor stocks leading the way. Nvidia’s strong performance and optimistic outlook contributed to the rally, with investors hopeful for continued growth in the AI-powered sector.
In summary, the stock market reached new highs on Thursday, driven by Nvidia’s impressive earnings report. Technology and semiconductor stocks led the gains, with the S&P 500 and Nasdaq 100 hitting major milestones. Nvidia’s success is expected to impact other AI-related stocks positively, propelling them to new heights.
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https://finance.yahoo.com/news/stock-market-reclaims-record-highs-160703206.html
