NEW YORK: Wall Street stocks jumped early Thursday following strong Nvidia results, shrugging off a series of lackluster sessions on worries about US monetary policy.
Shares of the chip company surged nearly 15 percent after Nvidia reported that quarterly profits soared to $12.3 billion – on record high revenue driven by demand for its technology to power artificial intelligence.
About 25 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent at 38,931.06.
Nasdaq leads Wall St losses as Nvidia slides
The broad-based S&P 500 gained 1.5 percent to 5,057.07, while the tech-rich Nasdaq Composite Index jumped 2.3 percent to 15,940.43.
Prior to Nvidia’s results, stocks had been under pressure in recent days as investors shift their expectations on monetary policy, now eyeing later Federal Reserve interest rate cuts.
Among other companies, Rivian shares plunged nearly 25 percent as it offered a tepid production forecast for its electric vehicles and said it would trim headcount.
AT&T fell 2.6 percent as thousands of US customers reported cellphone outages early Thursday.
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