Stock Market Today: S&P 500 in record close as Nvidia rally keeps bulls in control
Investing.com-- The S&P 500 closed at record highs Thursday, after Nvidia's blowout earning reinforced investor optimism in artificial-intelligence boom, ushering in a sea of green across tech stocks.
At 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was up 456 points, or 1.2%, S&P 500 rose 2.1% to close at a record high of 5,085.96. The Nasdaq Composite climbed 3%.
Nvidia (NASDAQ:NVDA) stock jumped over 16% closing at fresh record highs after the world’s most valuable chipmaker reported stronger-than-expected fourth quarter earnings, and forecast first quarter revenue at about $24 billion, more than what analysts were expecting.
The stronger guidance «implies solid growth off the higher number again fueled by the velocity of NVDA's datacenter business,» Wedbush said in a note as it upgraded its price target on the stock to $850 from $800.
Other chipmakers jumped on the Nvidia bandwagon, with TSMC (NYSE:TSM) Micron Technology (NASDAQ:MU) and Intel (NASDAQ:INTC) in the ascendency.
Nvidia, a barometer of AI demand, reinforced expectations that the AI boost is here to stay, stoking bullish bets across megacap tech including Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) all posted healthy gains, with all three having AI products in the pipeline.
Moderna (NASDAQ:MRNA) closed nearly 14% higher after reporting a surprise fourth-quarter profit as cost cutting helped offset weaker
Etsy (NASDAQ:ETSY) fell more than 8% after the e-commerce firm reported mixed earnings and softer guidance that underscore the tough economic backdrop and competition in the e-commerce landscape, Wedbush said.
Rivian Automotive (NASDAQ:RIVN) fell nearly 26% after it production for 2024 that fell short
Read more on investing.com
