Indices Climb on Nvidia Earnings Beat

The S&P 500 and NASDAQ Composite hovered around the flatline Thursday, as excitement around blockbuster Nvidia results failed to boost the broader market.

The Dow Jones Industrials gained 62.55 points to begin the session at 34,535.53.

The S&P 500 index nicked ahead 2.64 points to 4,438.65.

The NASDAQ index lost 26.86 points to 13,694.17.

Nvidia shares were up 3%, briefly trading at record levels, after the company reported quarterly earnings and revenue that exceeded lofty analyst expectations. The company also raised its guidance, with executives predicting third-quarter revenue would climb to $16 billion, or a year-over-year increase of 170%.

This marks the second straight quarterly report from Nvidia that blows away expectations. The first-quarter numbers, released in May, helped stoke investor interest in artificial intelligence, which became a key market driver in the first half of the year. Interest in the chip stock catapulted its value to more than $1 trillion.

The rest of the S&P 500 tech sector struggled, however, with AMD losing 4%. Big Tech names such as Amazon and Apple were also down 1%.

Thursday’s moves come as investors await comments from Federal Reserve Chair Jerome Powell from Jackson Hole, Wyoming, on Friday, which Wall Street hopes will provide insight toward the path of benchmark interest rates.

Prices for the 10-year Treasury was off a bit, raising yields to 4.20% from Wednesday’s 4.19%. Treasury prices and yields move in opposite directions.

Oil prices fell 11 cents to $78.78 U.S. a barrel.

Gold prices ditched 90 cents to $1,947.20 U.S. an ounce.

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