Nvidia's Strong Earnings Pushes S&P 500 and Nasdaq Into Record Territory

Barry Adams
23 May, 2024
New York City

Benchmark indexes on Wall Street rallied after Nvidia surpassed elevated market expectations. 

The S&P 500 index and the Nasdaq Composite advanced more than 0.6% after Nvidia said it sees no slowdown in demand for its chips to support artificial intelligence applications. 

Initial claims of jobless benefits slowed after rising to elevated levels early in the month, stoking fears that the labor market may be heading for a softer patch. 

Initial claims for jobless benefits fell by 8,000 to 215,000 for the week ended May 18, the U.S. Department of Labor reported on Thursday. 

Initial jobless claims rose to 232,000 in the week ending on May 4, a high not seen since the third week in August 2023. 

Continuing claims, which run one week behind, also rose by 8,000 to 1.794 million. the highest level in five weeks. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index rose 0.4% to 5,329.36, and the Nasdaq Composite jumped 1.1% to 16,971.75. 

The yield on 2-year Treasury notes edged lower to 4.88%, 10-year Treasury notes decreased to 4.42%, and 30-year Treasury bonds edged higher to 4.54%.

WTI crude oil increased $0.58 to $78.20 a barrel, and natural gas prices declined 1 cent to $2.83 a thermal unit.

Gold decreased by $15.09 to $2,367.59 an ounce, and silver fell 24 cents to $30.65. 

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.84.

 

U.S. Stock Movers

Nvidia Corp. soared 6.7% to $1,013.0 after the advanced chipmaker reported better-than-expected quarterly results and lifted its revenue outlook for the current year, driven by strong data center revenue growth. 

The company also announced 10-for-1 stock. 

Snowflake jumped 4.6% to $170.80 after the cloud computing company reported better-than-expected revenue in its fiscal first quarter. 

VF Corp. dropped 8.5% to $11.28 after the apparel and footwear maker reported weaker-than-expected revenue and unexpectedly swung to a loss. 

LiveRamp Holdings soared 17.8% to $38.09 after the advertising technology company exceeded earnings expectations and lifted revenue guidance for the current quarter and full year.