NEW YORK — Technology stocks moved by a blowout revenue report from Nvidia are working versus weakpoint somewhereelse in the market on Thursday to keep U.S. stock indexes combined. In the newest example of how excellent news for the economy isn’t always excellent for Wall Street, strong financial reports are raising concerns about interest rates staying high.
The S&P 500 was down less than 0.1% in afternoon trading. The rallies for tech stocks had the Nasdaq composite up 0.5%, as of 1: 18 p.m. Eastern time. The Dow Jones Industrial Average, which has less of an focus on tech, was lagging the market and down 371 points, or 0.9%.
Nvidia skyrocketed 11.1% after providing its mostcurrent knockout earnings report late on Wednesday. Its profits rose 262% in the newest quarter from a year earlier, and its earnings jumped an eye-popping 629%. The business’s chips are assisting to train artificial-intelligence systems, and need for them hasactually been starved.
Nvidia likewise increased its dividend as its CEO, Jensen Huang, promoted how “the next commercial transformation hasactually started.”
Concern hasactually grown that Wall Street’s craze around the prospective for AI hasactually developed a bubble where costs have skyrocketed too high and expectations haveactually grown too difficult. But the continued increasing development for Nvidia, which hasactually endedupbeing one of Wall Street’s most prominent stocks, assisted lift others just evenmore.
Super Micro Computer, which offers server and storage systems utilized in AI and other computing, increased 2.3% to bring its gain for the year so far to almost 214%.
News Corp. got 0.8% after it revealed a offer to bring its material from The Wall Street Journal, New York Post and other news companies to OpenAI.
But the bulk of stocks fell on Wall Street as pressure increased from yields in the bond market. Reports recommending the U.S. economy stays strong forced traders to reconsider bets about when the Federal Reserve might deal relief to monetary markets by reducing