Stock Market Today: Nvidia earnings power Nasdaq surge, spark tech-led rally
'The most important stock on planet earth' delivered earnings that have planet earth's stock markets testing records.
Check back for updates throughout the trading day
U.S. equity futures moved firmly higher Thursday, lead by a broad surge in tech stocks powered by AI chipmaker Nvidia's blowout fourth quarter earnings that delivered a nearly audible sigh of relief on Wall Street.
Updated at 9:11 AM EST
Hot jobs data
Weekly jobless claims fell again over the period ending on February 17, with new applications for unemployment benefits pegged 12,000 lower at 201,000, well shy of the Street's 218,000 forecast.
"The only thing that’s changed in the labor market in the past few weeks is that the Fed has suggested it doesn’t need to see it weaken significantly to cut interest rates," said Chris Larkin, managing director for trading and investing at E*Trade from Morgan Stanley.
"That’s good, because another modest weekly jobless claims number shows employment is still humming along," he added. "But it remains to be seen if the Fed will be as relaxed about the jobs market if we continue to see a steady stream of hot economic data and rising inflation readings."
Benchmark 10-year note yields were last marked 4 basis points higher at 4.331% while 2-year notes were pegged at 4.691%.
Initial jobless claims down to 201k vs. 216k est. & 213k in prior week; continuing claims at 1.862M vs. 1.884M est. & 1.889M prior … greatest increases in KY (+3.3k), CA (+2.1k), & NV (+364); greatest decreases in MO (-3.5k), PA (-1.5k), & TX (-1.4k) pic.twitter.com/Hwj76XxlIb— Liz Ann Sonders (@LizAnnSonders) February 22, 2024
Updated at 8:49 AM EST
Chips in
AI and chip-making stocks are getting pulled by the updraft of Nvidia's powerful revenue update, with Advanced Micro Devices (AMD) rising 6% to $174.10 each and Intel (INTC) up 2.5% in active pre-market trading.
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