CNBC's Christina Wilkie contributed to this story. Fitch said it still expects a resolution before the X-date. The Nasdaq is up 0.3%.įitch Ratings put the U.S.' AAA long-term foreign-currency issuer default rating on a negative watch late Wednesday, saying that ongoing negotiations heighten the risk that the government could miss payments on some of its obligations. Uncertainty around the talks pressured equities this week, with the Dow and S&P 500 on track for weekly losses of roughly 2% and 1%, respectively. Talks between congressional leaders and President Joe Biden advanced Thursday, according to a report from Reuters, which said both parties merely need to agree on $70 billion in spending. debt ceiling continued, with a default deadline quickly approaching. "It's a tale of two markets, and the winners are extending the lead and the losers are extending their losses on a relative basis."Įlsewhere, negotiations to raise the U.S. "What you're seeing today is an extension of the existing trends being magnified even more with this news from Nvidia," he said. Select companies and sectors are driving the market higher, masking some of the cracks beneath the surface, said Keith Lerner, Truist's co-chief investment officer.
"Technology in particular and growth stocks are not dead."ĭespite Thursday's moves, concerns about market breadth persisted. "The macro point is that innovation in technology can outweigh the headwinds of a slowing economy, or higher interest rates," said Dylan Kremer, co-chief investment officer of Certuity. Alphabet and Microsoft added 2.1% and 3.9%, respectively. The VanEck Semiconductor ETF popped 8.6% to close at its highest level of the year the fund hit a new 52-week high earlier in the session. Advanced Micro Devices and Taiwan Semiconductor soared 11.1% and 12%, respectively. Other semiconductor stocks and artificial intelligence names followed Nvidia's lead. Nvidia's surge brought the chipmaker within striking distance of a $1 trillion market capitalization. Several analysts covering Nvidia hiked their price targets on the stock following the results. Exploding demand for Nvidia chips used in artificial intelligence underpinned the quarterly beat.
Nvidia shares surged 24.4% a day after the company posted stronger-than-expected revenue guidance, and reported beats on the top and bottom lines in the recent quarter. The Dow Jones Industrial Average dipped 35.27 points, or 0.11%, to end at 32,764.65 and close below its 200-day moving average. The tech-heavy Nasdaq popped 1.71% to settle at 12,698.09, and the S&P 500 climbed 0.88% to finish at 4,151.28. The S&P 500 and Nasdaq Composite jumped Thursday as investors cheered the latest quarterly results from Nvidia, fueling a rally in technology stocks. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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