US stocks rise as tech sidesteps Nvidia slip
Investing.com — U.S. stocks climbed Wednesday as tech stocks advance, shrugging off a slip in Nvidia (NASDAQ:NVDA) following chipmaker's cautious outlook on China.
By 13:39 ET (18:39 GMT), the Dow Jones Industrial Average rose 176 points, or 0.5%, the S&P 500 gained 0.5% and the NASDAQ Composite added 0.7%.
Tech stocks were in the ascendency, with a more than 1% increase in Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META) helping to stem the blow from a more than 2% fall in Nvidia.
Nvidia reported guidance and Q3 results that topped Wall Street estimates, but the chipmaker warned that sales in China, which accounts for up to a fifth of sales in its high-margin data center business, would «decline significantly» in its current quarter amid U.S. export restrictions on AI chips to China.
Elsewhere, Sam Altman is set to return to the helm of OpenAI just days after he was sacked as chief executive of the big-name generative artificial intelligence group.
Deere & Company (NYSE:DE), the world's largest farm equipment maker, fell nearly 3% after it forecasted 2024 profit below expectations as high borrowing costs and squeezed budgets dented demand for farm equipment.
The dour fiscal 2024 guidance, which includes a forecast for a fall in net income to range of $7.75B to $8.25B from $10.16B in 2023, offset quarterly results that beat on both the top and bottom lines.
Nordstrom (NYSE:JWN), meanwhile, also offered a cautious outlook, flagging a «softening consumer spend» and reported third-quarter revenue that missed analyst estimates, sending its shares more than 5% lower.
Energy stocks were pressure by a fall in oil prices after The Organization of the Petroleum Exporting Countries and and its allies, or
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