U.S. benchmarks rose, with the S&P 500 up 0.2%, the Dow up 0.3% and the Nasdaq up 0.2%, pushing the S&P to a fresh record. Technology stocks led gains, offsetting declines in communication services and other sectors. Nvidia reported quarterly earnings and revenue that topped analysts' forecasts but said AI chipset sales rose more slowly than expected, and its shares fell 3.2% in after-hours trading. Nvidia's dominant position in AI chip production and its heavy index weighting give it outsized influence on market direction. Several large software companies and other firms also climbed ahead of earnings news.
Modest gains on Wall Street lifted the stock market to an all-time high Wednesday ahead of a highly anticipated earnings update from computer chip giant Nvidia. The S&P 500 rose 0.2%, good enough to nudge the benchmark index past the record high it set two weeks ago. The Dow Jones Industrial Average rose 0.3% and the Nasdaq composite closed 0.2% higher. Technology companies led the way higher, outweighing declines in communication services and other sectors.
Investors consider Nvidia a barometer for the strength of the boom in artificial intelligence because the company makes most of the chips that power the technology. Its heavy weighting also gives Nvidia outsized influence as a bellwether for the broader market. "Saying this is the most important stock in the world is an understatement," said Jay Woods, chief global strategist at Freedom Capital Markets. "The stock's average move after an earnings release is plus or minus 7.4%,
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