NASDAQ Rises to Record Highs

The NASDAQ Composite rose to a new record Thursday, as Wall Street assessed the latest quarterly results from market bellwether Nvidia

The Dow Jones Industrials gave up 271.70 points to open Thursday at 39,399.94. Intel and Boeing both dropped more than 2%, dragging the 30-stock index lower.

The S&P 500 poked ahead 2.61 points to 5,309.62, after hitting a record high earlier during the session.

The NASDAQ recovered 90.45 points to 16,891.99.

Chipmaker and artificial intelligence darling Nvidia surged 8.5%, sending shares above $1,000, after posting stronger-than-expected fiscal first-quarter results and announcing a 10-for-1 stock split.

Fiscal second-quarter revenue guidance of about $28 billion also beat an LSEG consensus forecast of $26.61 billion — a sign the company doesn’t see its momentum slowing. For the bottom line, analysts expect a profit of $5.95 per share.

Nvidia’s results have been a focal point for Wall Street, as traders hoped for signs that the excitement around AI is not waning. With its $2.3 trillion market cap, Nvidia also has considerable sway over the broad S&P 500

On the economic side, New homes sold at a much slower than expected pace in April, the Commerce Department reported Thursday.

Sales of new single-family homes totaled 634,000 for the month, a 4.7% drop from March and less than the Dow Jones estimate for 677,000.

Prices for the 10-year Treasury slipped, raising yields to 4.49% from Wednesday’s 4.43%. Treasury prices and yields move in opposite directions.

Oil prices grew 35 cents to $77.95 U.S. a barrel.

Gold prices dipped $39.80 to $2,382.10.