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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, with the rate-sensitive 2-year yield rising 6 basis points to 4.97%, nearing its highest close since May 1. Long-term yields also increased, with the 30-year yield up 5 basis points to 4.60%, pushing the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) down 0.8%.
Blue-chip stocks fell 0.7%, on track for their worst session since late April. Small-cap stocks also declined, down 0.5%, extending losses following a 0.8% drop on Wednesday.
Gold prices dropped 1.4% to $2,344 per ounce, following a 1.7% decline on Wednesday.
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 18,847.70 | 0.8% |
S&P 500 | 5,321.33 | 0.3% |
Russell 2000 | 2,072.66 | -0.4% |
Dow Jones | 39,410.72 | -0.7% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.3% higher to $531.23, the SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.6% to $394.24 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) was up 0.8% to $459.10, according to Benzinga Pro data.
Among sectors, the Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up by 0.5%. The Utilities Select Sector SPDR Fund (NYSE:XLU) lagged behind, dropping 0.8%.
Image generated using artificial intelligence via Midjourney.
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