Nvidia’s 10% Leap Propels Tech Indexes To Record Highs; Blue Chips, Small Caps Slip: What’s Driving Markets Thursday?
Stronger-than-expected quarterly results and upbeat revenue guidance from Nvidia Corp. sparked a renewed surge in tech stocks on Thursday, as traders continue to exhibit bullish sentiment toward the rapidly expanding AI industry.
The chipmaker giant’s stock soared over 10% to $1,051 per share during midday trading in New York, boosting its market value by an astonishing $277 billion in a single session.
The tech-heavy Nasdaq 100 reached 18,907 points in early trading, setting a new all-time high. Similarly, the S&P 500 hit a record high of 5,341 points before paring gains as other sectors lagged behind tech.
The semiconductor sector clearly outperformed, with the VanEck Semiconductor ETF (NYSE:SMH) rising 3%. Besides Nvidia, Synopsys Inc. (NASDAQ:SNPS), ASML Holding N.V. (NASDAQ:ASML), and Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) saw significant gains, up 4.2%, 3.4%, and 2.6%, respectively.
However, broader market sentiment turned more cautious as S&P Global reported that although U.S. private sector activity grew at the fastest pace in nearly two years, input prices accelerated in May, reigniting inflation concerns.
Treasury yields climbed higher, …
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