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Stock market today: Nvidia continues to fly and helps Wall Street stay close to its records

Stock market today: Nvidia continues to fly and helps Wall Street stay close to its records
Stock market today: Nvidia continues to fly and helps Wall Street stay close to its records

 


NEW YORK (AP) Nvidia, the chip company that has become Wall Street's most influential stock, is rising again Thursday and helping keep U.S. indexes around their record highs despite a mixed set of reports on the economy.

The S&P 500 was up 0.2% at midday after hitting an all-time high for the 31st time this year ahead of Wednesday's holiday. The Dow Jones Industrial Average was up 69 points, or 0.2%, as of 11 a.m. Eastern time, and the Nasdaq composite added 0.2% to its own record.

Nvidia rose 2.8% after overtaking Microsoft on Tuesday as Wall Street's most valuable company with a total market value of more than $3.3 trillion. He has had an incredible run as the primary beneficiary of the stock market frenzy around artificial intelligence technology.

Nvidias chips are helping fuel the shift to AI, which its proponents say will produce explosive growth in productivity and profits, and it is already up 181.5% this year after more than tripling the year last.

Gains from Nvidia and other AI winners helped support the stock market despite some weakness in the U.S. economy. High interest rates intended to curb inflation have hurt the housing market and the manufacturing sector in particular, while lower-income households are showing signs of difficulty keeping up with continued rising prices.

Winnebago Industries, for example, introduced economy trailers to attract customers amid an inconsistent retail environment. But its profits and revenue for the latest quarter fell short of analysts' expectations. Shares of the RV and pontoon maker fell 3.9%.

To show how powerful AI can be, Accenture rose 6.2%, even though the consulting and professional services company reported weaker-than-expected profits and revenue for the latest quarter. In its earnings report, the company highlighted how it won more than $900 million in new orders for generative AI, bringing the last three quarters' total to more than $2 billion.

Among the few stocks to do even better than Accenture was Super Micro Computer, which sells servers and storage systems used in AI and other computing technologies. It jumped 7.9% to take its gain for the year so far to 249.3%.

The AI ​​stock supernova helped mask some weakness beneath the market surface. This can be a worrying signal for market observers, who would rather see a large number of companies pushing the market higher than just a handful.

It has been common in past cycles, as the stock market hits a significant high, that the fastest-growing names are the ones carrying the load, according to Scott Wren, senior global market strategist at the Wells Fargo Investment Institute,

Treasury yields rose following a series of mixed reports on the economy. The number of American workers filing for unemployment benefits fell last week, but not as much as economists had hoped. A separate report says manufacturing in the Mid-Atlantic region is growing, but not as fast as economists thought. Homebuilders, meanwhile, began constructing fewer new homes last month than expected.

The hope on Wall Street actually lies in a slowdown in growth in the US economy. That could help contain inflationary pressures and convince the Federal Reserve to cut its main interest rate later this year. Such a reduction would ease pressure on the economy and drive up investment prices.

Fed officials have indicated they may cut their main interest rate once or twice this year, down from its highest level in more than 20 years. Many Wall Street traders expect two or more, according to CME Group data.

The yield on the 10-year Treasury rose to 4.27% from 4.22% Tuesday evening. The two-year yield, which more closely tracks Fed expectations, rose more modestly to 4.74% from 4.71%.

Some other central banks have already started to lift the brakes on their economies.

The Swiss National Bank lowers its key rate on Thursday. The Bank of England, however, kept its key rate stable.

Stock market indices rose in much of Europe following these movements. France's CAC 40 gained 1.3% to recoup more of its losses from last week following the shocking election results. Asian indices were mixed.

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AP writer Zimo Zhong contributed.

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