Nasdaq boosted following Nvidia’s earnings

As Nvidia’s stock surged to an all-time high, the S&P 500 approached a new high and global stock rallies gained momentum.

The chip manufacturer, propelled by the surge in demand for AI systems, announced another quarter of record-breaking performance. During afternoon trade, Nvidia’s shares increased by 15%. As a result, the Nasdaq Composite outperformed its competitors, rising more than 2%.

Nvidia’s performance helped the Nikkei stock average in Japan exceed its all-time high from 1989. The stocks of chip manufacturers in Taiwan, China, South Korea, and the United States surged in tandem.

Regarding recent market activity, stocks were on track for the year’s greatest day. The Dow Industrials gained more than 300 points, and the S&P 500 was up 1.8% and headed for yet another record. At a record high, the Stoxx Europe 600 index closed as well.

Following the company’s profit exceeding Wall Street projections, Moderna’s stock surged. Following the EV manufacturers’ release of lower-than-expected earnings, shares of Rivian and Lucid fell. In addition, Rivian announced that 10% of its paid staff will be let go and that its production would fall short of expectations this year.

Treasury yields were higher after weekly jobless claims came in lower than expected. The benchmark 10-year yield settled Wednesday at its highest level since November after the Fed’s January meeting minutes showed unease about cutting interest rates too soon.