Nasdaq closes 1.7% higher Thursday as Nvidia's surge powers tech rally: Live updates



The S&P 500 and Nasdaq Composite jumped Thursday as investors cheered the latest quarterly results from Nvidia, fueling a rally in technology stocks. Those moves also came as U.S. debt ceiling talks appeared to progress.

The tech-heavy Nasdaq popped 1.71% to settle at 12,698.09, and the S&P 500 climbed 0.88% to finish at 4,151.28. The Dow Jones Industrial Average dipped 35.27 points, or 0.11%, to end at 32,764.65 and close below its 200-day moving average.


Nvidia shares surged 24.4% a day after the company posted stronger-than-expected revenue guidance, and reported beats on the top and bottom lines in the recent quarter. Exploding demand for Nvidia chips used in artificial intelligence underpinned the quarterly beat. Several analysts covering Nvidia hiked their price targets on the stock following the results. Nvidia’s surge brought the chipmaker within striking distance of a $1 trillion market capitalization.

Other semiconductor stocks and artificial intelligence names followed Nvidia’s lead. Advanced Micro Devices and Taiwan Semiconductor soared 11.1% and 12%, respectively. The VanEck Semiconductor ETF popped 8.6% to close at its highest level of the year; the fund hit a new 52-week high earlier in the session.

Alphabet and Microsoft added 2.1% and 3.9%, respectively.

“The macro point is that innovation in technology can outweigh the headwinds of a slowing economy, or higher interest rates,” said Dylan Kremer, co-chief investment officer of Certuity. “Technology in particular and growth stocks are not dead.”

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