NEW YORK: Wall Street stocks mostly advanced Thursday after chip giant Nvidia’s earnings report crushed expectations, while investors turn their focus to upcoming remarks by the US central bank chief on the economic outlook.
Around five minutes into trading, the Dow Jones Industrial Average was near-flat at 34,463.11.
The broad-based S&P 500 rose 0.2 percent to 4,445.96, while the tech-rich Nasdaq Composite Index jumped 0.4 percent to 13,780.09.
Wall St gains in run up to Nvidia’s high-stakes results
After the bell on Wednesday, Nvidia – whose products play a key role in artificial intelligence systems – said sales doubled from a year ago in the latest completed quarter to $13.5 billion.
Signaling the AI boom is still going strong, Nvidia added that revenue in the current quarter would ramp up further to $16 billion.
“There was more than enough in Nvidia’s report and outlook to turn the low tide of selling interest seen in August,” said Patrick O’Hare of Briefing.com.
“The question is, can Nvidia take charge of the stock market or will it put a charge in its industry only while the rest of the market peters out in a continuing consolidation trade?” he added in a note.
Economic data released early Thursday showed initial jobless claims dipped for the week ending August 19, while continuing jobless claims fell as well.
Durable goods orders slumped from June to July, a separate government report showed, driven mainly by transportation.
The figures also indicated that business spending remained lukewarm.
Looking ahead, investors are eyeing remarks by Federal Reserve chair Jerome Powell early Friday at the Jackson Hole Symposium – watching for clues on the path of interest rates.
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