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Stocks surged on Thursday after a blockbuster quarterly report and forecast from Nvidia restored confidence in the AI trade driving the bull market.
The Dow Jones Industrials index soared 582.77 points, or 1.3%, to 46,721.54
The S&P 500 jumped 121,37 points, or 1.8%, to 6,763.53.
The NASDAQ popped 555.96 points to 23,120.19.
Nvidia shares leaped 4% after the chipmaker released its highly anticipated quarterly results, which beat Wall Street’s earnings and revenue expectations.
The market-moving company also gave a stronger-than-expected fourth-quarter sales forecast, with CEO Jensen Huang saying demand for its current-generation Blackwell chips are “off the charts.” He also rejected the idea of an AI bubble.
Nvidia’s upbeat guidance likely lifted investor sentiment around the AI trade, which has weakened in recent sessions amid fears about elevated valuations and circular financing.
The results boosted a slew of stocks across the AI ecosystem in the after-hours session, including chipmakers Advanced Micro Devices and Broadcom and power infrastructure companies such as Eaton.
Stocks also got a small boost following the release of a better-than-expected U.S. jobs report. The release shows the economy added 119,000 jobs in September, beating expectations. The report was delayed due to the U.S. government shutdown. However, most investors were looking beyond the stale data release.
Prices for the 10-year Treasury fell back a bit, raising yields to 4.11% from Wednesday’s 4.13%. Treasury prices and yields move in opposite directions.
Oil prices moved upward 44 cents to $59.88 U.S. a barrel.
Gold prices rose $10.50 to $4,093.30 U.S. an ounce.
