NEW YORK — U.S. stock index futures added to their gains after the government reported that employers added twice as many jobs as expected in September. Futures were already higher on enthusiasm for a strong earnings report from AI bellwether Nvidia. Futures for the S&P 500 were up 1.5% before the opening bell, while futures for the Dow Jones Industrial Average gained 0.8%. Futures for the Nasdaq shot 1.9% higher. The Labor Department said employapners added 119,000 jobs in September, more than double the 50,000 economists had forecast. The market also focused on Nvidia as Wall Street’s most influential company jumped 5.1% overnight after reporting better-than-expected results.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Wall Street surged on Thursday after Nvidia reported stronger than expected quarterly earnings, tempering worries that AI-related stocks may have become overvalued.
Futures for the S&P 500 were up 1.1% before the opening bell, while futures for the Dow Jones Industrial Average gained 0.5%. Futures for the Nasdaq shot 1.6% higher.
The market’s focus remained on Nvidia as Wall Street’s most influential stock jumped 5.1% overnight after the chipmaker reported third-quarter earnings of $31.9 billion. That’s a 65% increase over last year and more than analysts were expecting.
The Santa Clara, California company also forecast revenue for the current quarter covering November-January will come in at about $65 billion, nearly $3 billion above analysts’ projections, an indication that demand for its AI chips remains feverish.
Nvidia is the most valuable company by market capitalization on Wall Street, having briefly topped $5 trillion in value. That means its movements have more of an effect on the S&P 500 than any other stock, and it can single-handedly steer the index’s direction some days.
By continuing to deliver big profits for investors, Nvidia has mostly quieted recent criticism that its shares shot too high, too fast.
Nvidia has become a bellwether for the broader frenzy around artificial-intelligence technology, because other companies are using its chips to ramp up their AI efforts.
Walmart also reported its latest quarterly results Thursday. The Arkansas retailer delivered another standout quarter, posting strong sales and profits that blew past Wall Street expectations as it continues to lure cash-strapped Americans who have grown increasingly anxious about the economy and prices.
With other retailers dialing back projections, the nation’s largest retailer ra