Nasdaq, S&P, and Dow gain on the back of Nvidia jumping
ozgurdonmaz
Major market averages pushed higher to start Thursday's trading session thanks in part to some solid earnings from chip bellwether Nvidia.
Early on and the tech heavy Nasdaq Composite gained 0.5%, the S&P 500 (SP500) picked up 0.5%, and the Dow (DJI) rose by 0.4%.
Nvidia (NVDA) rose after it topped expectations and also uttered the magic letters "AI."
The 10-year Treasury yield (US10Y) was up 1 basis point to 3.93%. The 2-year yield (US2Y) was near flat at 4.74%
"We get revised 4Q GDP from the US, with the consensus looking for unchanged data," UBS' Paul Donovan said. "While the numbers are likely to be unexciting, the increased unreliability of data does throw up more frequent revisions. Nonetheless, it is the weekly jobless claims that are likely to fuel media excitement."
U.S. Q4 GDP second estimate came in at +2.7% versus the anticipated +2.9% figure.
At the same time, jobless claims numbers came in at 192K, below the forecasted 200K level and 195K previous reading.
Among active stocks, shares of Intel moved higher as Morgan Stanley upgraded the tech stock citing "balanced" risk-reward.