U.S. major stock indexes inched higher midday, with the S&P 500 up 0.2% and the Nasdaq up 0.5% while the Dow added about 40 points. Strength in technology and communication services, including gains in Broadcom, Oracle and Alphabet, offset weakness in health care and other sectors. Nvidia fell 1.2% despite beating revenue and earnings estimates, as AI chipset sales growth slowed relative to expectations; Nvidia’s dominance in AI chipmaking gives it outsized market influence. Several retailers fell after earnings and tariff-related outlooks pressured margins, while Burlington Stores rose after topping estimates. Hormel suffered the largest S&P 500 drop.
Stocks on Wall Street inched further into record territory in afternoon trading Thursday, following new economic data and a mixed batch of earnings reports from big U.S. companies. The S&P 500 was up 0.2% a day after climbing to a new high. The Dow Jones Industrial Average reversed an early slide to add 40 points, or 0.1%, as of 12:29 p.m. eastern time. The Nasdaq composite was 0.5% higher.
Tech giant Nvidia was down 1.2% a day after reporting quarterly earnings and revenue that beat Wall Street analysts' forecasts, though the company noted that sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated. 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.
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