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S&P 500 reaches 6,500 as Nvidia drives market
S&P 500 reaches 6,500 as Nvidia’s results affirm AI boom despite mixed reactions to revenue guidance and China’s potential impact
S&P 500 reaches 6,500 as Nvidia’s results affirm AI boom despite mixed reactions to revenue guidance and China’s potential impact
– S&P 500 hit 6,500 as Nvidia reported strong earnings amid AI boom; index rose 0.4%.
– Nvidia’s revenue increased by 56%; analysts raised price targets, improving sentiment in the chipmaker sector.
However, some concerns emerged regarding slightly lower-than-expected revenue for its data centre business and guidance of $54 billion for the upcoming quarter, which was only above the $53.1 billion consensus.
Initial declines in Nvidia’s stock reversed by market open, though it remained about 0.5% lower.
Positive Outlook
Analysts’ sentiment towards Nvidia has become more bullish post-report, leading firms like JPMorgan and Citi to raise price targets. Other chipmakers, including Broadcom and Micron Technology, also saw gains.
Meanwhile, Snowflake’s shares surged 22% after better-than-expected results.
The market recently celebrated strong GDP growth at 3.3%, exceeding forecasts. Attention now turns to a forthcoming inflation report on Friday, where economists anticipate a 0.2% rise for July.
