The S&P 500 and NASDAQ jumped Thursday as investors cheered the latest quarterly results from Nvidia, and companies connected to artificial intelligence. Those moves also came as U.S. debt ceiling talks appeared to progress.
The Dow Jones Industrials came off their lows of the day, battling to within 35.27 points of breakeven to 32,764.65.
The S&P 500 gained 36.04 points to 4,140.67.
The NASDAQ popped 213.93 points, or 1.7%, to 12,698.09.
Nvidia shares surged 26% after the company posted stronger-than-expected revenue guidance, and reported beats on the top and bottom lines in the recent quarter. Exploding demand for Nvidia chips used in artificial intelligence underpinned the quarterly beat.
Several analysts covering Nvidia hiked their price targets on the stock following the results. Nvidia’s surge brought the chipmaker within striking distance of a $1 trillion market capitalization.
Other semiconductor stocks followed Nvidia’s lead, including Advanced Micro Devices and Taiwan Semiconductor, which rose 10% and 12%, respectively.
Prices for the 10-year Treasury lost ground, hiking yields to 3.82% from Wednesday’s 3.74%. Treasury prices and yields move in opposite directions.
Oil prices ducked $2.39 to $71.95 U.S. a barrel.
Gold prices were down $24.40 to $1,940.20 U.S. an ounce.