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Business News/ Markets / Stock Markets/  World markets today: US stocks surge on robust Nvidia results, S&P 500 up 1.31%, Nasdaq climbs 2.13%
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World markets today: US stocks surge on robust Nvidia results, S&P 500 up 1.31%, Nasdaq climbs 2.13%

Nvidia shares rally 12.9 per cent after the chipmaker forecast a roughly three-fold surge in first quarter revenue on strong demand for its artificial intelligence (AI) chips

The yield on the 10-year Treasury fell to 4.31 per cent from 4.32 per cent late on Wednesday. BloombergPremium
The yield on the 10-year Treasury fell to 4.31 per cent from 4.32 per cent late on Wednesday. Bloomberg

US stocks surged on Thursday on robust Nvidia results. Nvidia’s shares rallied 12.9 per cent after the chipmaker forecast a roughly three-fold surge in first quarter revenue on strong demand for its artificial intelligence (AI) chips.

At 09:42 a.m. ET, the benchmark S&P 500 was up 1.31 per cent at 5,047.07, after hitting intraday record high of 5051.37 earlier in the session. The Dow Jones Industrial Average was up 226.78 points, or 0.59 per cent, at 38,839.0, and the tech-heavy Nasdaq Composite was up 332.50 points, or 2.13 per cent, at 15,913.37.

If Nvidia hold gains, it could add more than $200 billion in market capitalization.

Nvidia rival Advanced Micro Devices, server component supplier Super Micro Computer and Arm Holdings jumped between 6.9 per cent and 16.8 per cent.

Alphabet, Microsoft and Meta Platforms rose between 0.8 per cent and 2.4 per cent.

At the opening bell, the Dow Jones Industrial Average rose 232.95 points, or 0.60 per cent, to 38,845.19. The S&P 500 opened higher by 57.03 points, or 1.14 per cent, at 5,038.83, while the Nasdaq Composite gained 323.61 points, or 2.08 per cent, to 15,904.48. 

The yield on the 10-year Treasury fell to 4.31 per cent from 4.32 per cent late on Wednesday.

European shares advanced on Thursday ahead of the European Central Bank minutes of its most recent meeting on interest rates.

Britain’s FTSE 100 rose 0.3 per cent at 7,685.53. France’s CAC 40 added 1.2 per cent at 7,902.94. Germany’s DAX gained 1.5 per cent at 17,382.59.

Euro Stoxx 50 rose 1.6 per cent at 4,851.68.

In Asian stock markets, Hong Kong’s Hang Seng Index surged 1.5 per cent at 16,742.95. China's Shanghai Composite climbed 1.3 per cent at 2,988.36.

Japan’s Nikkei 225 rallied 2.2 per cent to end at an all-time high of 39,098.68. 

Oil prices were steady on Thursday as a big rise in US crude inventories offset the supportive impact of another attack on shipping near Yemen.

Brent crude futures were up 7 cents, or 0.1 per cent, to $83.10 a barrel at 1447 GMT. US West Texas Intermediate crude futures were up 13 cents, or 0.2 per cent, to $78.04 a barrel.

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Published: 22 Feb 2024, 08:21 PM IST
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