Nvidia shares soar, futures muted, Reddit IPO filing - what's moving markets
Investing.com -- Nvidia shares soar following a blockbuster earnings release that added fuel to stock market euphoria around the applications of artificial intelligence. The rally pushes up the S&P 500 and Dow to fresh record closing highs, although futures on Friday point to a more subdued end to the trading week. Elsewhere, Reddit makes its filing for an initial public offering public.
1. Nvidia adds $277 billion in stock market value
Artificial intelligence chip designer Nvidia (NASDAQ:NVDA) added a staggering $277 billion in market capitalization on Thursday, setting a record for the biggest one-day jump in history.
The California-based firm's shares spiked by 16.4% to end the session at a fresh record high of $785.38, pushing up its market value to just under $2 trillion. The single-day addition in Nvidia's stock was itself bigger than the market cap of peer Advanced Micro Devices (NASDAQ:AMD) and eclipsed a $196 billion jump notched by Facebook-owner Meta Platforms (NASDAQ:META) earlier this month.
In total, $65 billion worth of Nvidia shares exchanged hands, making up about a fifth of all trading in S&P 500 stocks, Reuters reported.
Powering the frenzy was a 265% increase in fourth-quarter revenues at Nvidia, as well as commentary from Chief Executive Jensen Huang, who said that demand for AI is «surging worldwide across companies, industries, and nations.»
2. Futures subdued
U.S. stock futures hovered around the flatline on Friday, pointing to a breather in the rally sparked by the bumper results from Nvidia.
By 03:00 ET (08:00 GMT), the Dow futures contract, S&P 500 futures, and Nasdaq 100 futures were all mostly unchanged.
The main averages on Wall Street — as well as indices in Asia and Europe — advanced on
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