US Stock Market Today: Wall Street Cheers Nvidia Earnings; Nasdaq Soars Over 2%, S&P 500 Up 1.8%
The tech-heavy Nasdaq Composite received a boost from AI giant Nvidia Inc.'s robust financial results on Thursday, with S&P 500 and Dow Jones Industrial Average also opening in the green.
Nasdaq opened 2.07% or 453 points higher at 23,026, S&P 500 rose 1.59% or 107.42 points to trade at 6,751.39, while Dow Jones was up 1.08% or 498 points higher at 46,636.80. Shares of Nvidia traded nearly 5% higher at $195 as of 10 a.m. EST.
Other chipmakers like Intel, AMD, and Micron Technologies opened 4.23%, 4.12% and 0.71% higher, respectively. Intel and AMD later pared gains to trade 2.76% higher at $36, and 2.80% higher at $229.5 apiece, respectively, while Micron erased gains to trade 0.61% lower at $224.46 per share.
As of 10 a.m. EST or local time, Nasdaq was up 2.41% at 23,108.45, and S&P 500 and Dow Jones rose 1.82% and 1.38% to 6,762.75 and 46,773.37, respectively.
The remainder of the Magnificent 7 stocks climbed in early trade, with shares of Microsoft Corp. rising 1.17% to $491.87, Tesla Inc. trading 5% higher at $423.08, and Apple Inc. was up 2.43% at $275.10.
Scrips of Meta Platforms, Google parent Alphabet Inc. and Amazon.com Inc. also rose 2.53% to $604.68, 3.21% to $302.05, and 1.43% to $225.73, respectively. Palantir Technologies' stock jumped 4% to $172.
Nvidia on Wednesday reported strong Q3 earnings, with a 62% year-on-year surge in its revenue to $57 billion.
The company's net income also soared 65% in the quarter under review, compared to $19.31 billion in the year-ago period.
Nvidia CEO Jensen Huang rejected the so-called 'AI bubble' in post earnings concall. "There's been a lot of talk about an AI bubble. From our vantage point, we see something very different. As a reminder, Nvidia Corporation is unlike any other accelerator. We excel at every phase of AI," he said.
The company is targeting approximately $65-billion revenue for the fourth quarter, as per Colette Kress, chief financial officer and executive vice president of Nvidia.
After the US markets opened, spot gold was trading 0.39% higher at $4,084.53 an ounce, and crude oil was up 0.71% at $59.67 a barrel.
The Bloomberg Dollar Spot Index and euro were little changed, while the British pound rose 0.5% to $1.3121 and the Japanese yen fell 0.3% to 157.61 per dollar.
Bitcoin, the largest traded cryptocurrency rose 0.4% to $90,877.7.
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