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Stock Market Reclaims Record Highs, Nvidia Tops $1,000 As AI-Driven Rally Resumes: Thursday's Top Movers

Published 23/05/2024, 15:07
© Reuters Stock Market Reclaims Record Highs, Nvidia Tops $1,000 As AI-Driven Rally Resumes: Thursday\'s Top Movers
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Benzinga - by Piero Cingari, Benzinga Staff Writer.

On Thursday, Wall Street opened the session with significant milestones as the S&P 500 and the Nasdaq 100 indices surged to new record highs. This rebound was driven by Nvidia Corp. (NASDAQ:NVDA), which soared 9% to $1,034 per share following outstanding earnings results and optimistic guidance.

The chipmaker reported $26 billion in revenue for the last quarter, a 262% increase from the same quarter last year, surpassing the expected $24.6 billion. Notably, AI-driven Data Center revenue skyrocketed by 427% year-over-year.

The SPDR S&P 500 ETF Trust (NYSE:SPY) gained 0.3% to reach $531 at 09:45 a.m. EDT, while the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.7%, both achieving record highs.

In contrast, underperformance in technology stocks impacted the blue-chip index, with the SPDR Dow Jones Industrial Average (NYSE:DIA) falling 0.4%. Small-cap stocks were slightly weaker, with the iShares Russell 2000 ETF (NYSE:IWM) down 0.1%.

Sector-wise, technology stocks led the gains, with the Technology Select Sector SPDR Fund (NYSE:XLK) increasing by 0.6%.

In the industry segment, semiconductor stocks were the top performers, with the VanEck Semiconductor ETF (NYSE:SMH) and the iShares Semiconductor ETF (NYSE:SOX) rising 3.1% and 1.7%, respectively.

Read also: Nvidia’s Success May Propel These 6 AI-Related Stocks To New Heights

S&P 500’s Top Gainers;

# Name Last Chg %
1 NVIDIA Corporation 1,035.29 9.04%
2 Super Micro Computer, Inc. (NASDAQ:SMCI) 945.76 8.30%
3 Advanced Micro Devices Inc. (NASDAQ:AMD) 171.45 3.58%
4 Applied Materials, Inc. (NASDAQ:AMAT) 223.68 2.53%
5 International Paper Company (NYSE:IP) 43.15 2.48%
Updated at 09:51 a.m. EDT

Nasdaq 100’s Top Gainers:

# Name Last Chg %
1 NVIDIA Corporation 1,029.68 8.44%
2 PDD Holdings Inc. (NASDAQ:PDD) 153.70 4.49%
3 ASML Holding N.V. (NASDAQ:ASML) 957.89 3.86%
4 Advanced Micro Devices Inc. 169.50 2.41%
5 Applied Materials, Inc. 223.06 2.25%
Updated at 09:53 a.m. EDT

Read now: Why Micron, Broadcom And Lam Research Shares Are Moving Higher Thursday

Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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