Nasdaq and S&P 500 take off as Nvidia spurs stocks

The S&P 500 and Nasdaq Composite rose to new records in early trading Thursday after Nvidia’s ( NVDA ) blockbuster earnings stoked a fire under optimism that the artificial intelligence (AI) rally has more room to continue.

The Nasdaq Composite (^IXIC) rose 0.8%, while the S&P 500 (^GSPC) rose 0.6% before paring gains. The Dow Jones Industrial Average (^DJI), which includes fewer technology stocks, fell 0.3%.

Nvidia shares rose more than 8% to exceed $1,000 for the first time after the leading artificial intelligence company beat Wall Street’s high expectations for first-quarter earnings. The chip giant also raised its guidance, alleviating concerns that demand for artificial intelligence may be losing steam.

Other chipmakers and AI-related stocks rose on the back of the results, with server makers Dell (DELL) and Super Micro Computer (SCMI) rising about 6% and 5%, respectively.

Nvidia’s euphoria helped the market put aside concerns about rate hikes that fueled the previous day’s losses. Stocks fell after minutes from the Federal Reserve meeting revealed that some policymakers are open to keeping interest rates high for longer this year if inflation does not cool as expected.

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The global S&P Purchasing Managers’ Index (PMI) for May came in at 54.4 compared to 51.3 last month. The flash reading, which was higher than economists had expected, showed business activity accelerating at the fastest pace in two years, despite the Federal Reserve’s efforts to calm price pressures.

Elsewhere, hopes for artificial intelligence have given companies a boost. Shares of cloud analytics company Snowflake ( SNOW ) added 4% on the heels of upbeat sales expectations. Meanwhile, News Corp. (NWS) is on the rise after the media giant signed a deal with Microsoft-backed OpenAI that will give ChatGPT access to content from The Wall Street Journal and other titles.

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Thursday, May 23, 2024 at 4:17 PM GMT+2

The S&P 500 trims gains after hot Purchasing Managers’ Index (PMI) reading

The S&P 500 (^GSPC) pared earlier market gains after the S&P Global Purchasing Managers’ Index (PMI) reading showed an acceleration in business activity at the beginning of May.

10-year Treasury yields (^TNX) rose about 4 basis points to 4.47%, putting pressure on stocks.

The S&P 500 and Nasdaq Composite (^IXIC) both rose to touch intraday highs earlier in the session in the wake of Nvidia’s (NVDA) blowout quarter.

The Dow Jones Industrial Average (^DJI) moved to session lows, down 0.5%.
Thursday, May 23, 2024 at 3:33 PM GMT+2

Nasdaq and S&P 500 touch new intraday highs after Nvidia’s big quarter

The Nasdaq and S&P 500 rose to new intraday records Thursday following the big quarter from Nvidia’s (NVDA) blowout. Shares of the artificial intelligence chip maker rose more than 7% at the open, trading above $1,000 for the first time.

The Nasdaq Composite (^IXIC) jumped about 1%, while the S&P 500 (^GSPC) rose 0.6%. The Dow Jones Industrial Average (^DJI) rose slightly.

Technology and communications services stocks led the gains, helped by Nvidia’s first-quarter results. The artificial intelligence chip giant has surpassed Wall Street’s expectations. The company also raised its guidance, allaying concerns about slowing demand as it transitions to next-generation chips this year.

In an exclusive interview with Yahoo Finance, Nvidia CEO Jensen Huang said: “People want to deploy these data centers now. They want to put [graphics processing units] To act now and start making money and start saving money. “So this demand is very strong.”
Thursday, May 23, 2024 at 11:44 AM GMT+2

The Nvidia CEO makes a key point to Yahoo Finance

Nvidia (NVDA) shares were up nearly 7% heading into the market after another big quarter and another big earnings call.

But learning about the most important company in the world did not stop there.

Yahoo Finance Julie Heyman And Dan Holly He sat down exclusively with Nvidia Founder and CEO Jensen Huang after the earnings call.

Huang moved quickly to allay any concerns about slowing demand for the powerful chips driving the generative AI movement:

“People want to put in these data centers now. They want to put in our data centers [graphics processing units] To act now and start making money and start saving money. “So this demand is very strong,” Huang said.

Wall Street also spotted a pushback on any slowdown in demand by Hwang, which he released this morning, leaving buy ratings intact and pushing estimates higher.

Yahoo Finance’s full conversation with Huang is below. More context from Julie and Dan here.

Lona Woodrowe

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Nasdaq and S&P 500 take off as Nvidia spurs stocks

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