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The S&P 500 and NASDAQ jumped Thursday as investors cheered the latest quarterly results from Nvidia. Meanwhile, the Dow Jones Industrial Average slid after Fitch Ratings placed the United States’ AAA rating on a negative rating watch.
The Dow lost 49.26 points, to 32,750.66.
The S&P 500 regained 28.66 points to 4,143.90.
The NASDAQ recovered 180.03 points, or 1.5%, to 12,664.20.
Nvidia shares surged 26% after the artificial intelligence beneficiary gave stronger-than-expected revenue guidance for its fiscal second quarter, while also reporting beats on the top and bottom line in the previous quarter. Several analysts covering the stock hiked their price targets on the stock following the results.
Other semiconductor stocks followed Nvidia higher, including AMD and Taiwan Semiconductor, which rose around 9% each
Prices for the 10-year Treasury lost ground, raising yields to 3.77% from Wednesday’s 3.74%. Treasury prices and yields move in opposite directions.
Oil prices ducked $2.03 to $72.31 U.S. a barrel.
Gold prices were down $15.70 to $1,948.90 U.S. an ounce.
