Nvidia, Boeing, Live Nation Entertainment, and More
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Key Takeaways
The Dow, S&P 500, and Nasdaq were lower in intraday trading Thursday, May 23, 2024 as a rally fueled by enthusiasm about AI chip giant Nvidia’s blowout earnings fizzled.
Tech stocks rose as Nvidia shares surged in the wake of its better-than-expected earnings.
Shares of Live Nation Entertainment tumbled as the Justice Department moved to break up the parent of Ticketmaster, claiming antitrust violations.
The Dow, S&P 500, and Nasdaq were lower in intraday trading Thursday, as a rally fueled by enthusiasm about AI chip giant Nvidia’s (
NVDA
)
blowout earnings
fizzled.
Nvidia’s results
beat forecasts
on soaring demand for its artificial intelligence (AI) chips. The company also
announced a 10-for-1 stock split
. Its shares traded at an all-time high.
TSMC (
TSM
)
American depositary receipts (ADRs)
gained as the chipmaker said it expects 10% annual growth for the global semiconductor industry.
GoodRX Holdings (
GDRX
) shares climbed as RBC upgraded the stock and raised the price target, pointing to the digital health services provider’s opportunities for growth.
Boeing (
BA
) shares slumped after
CFO Brian West warned
the aircraft maker expects negative
free cash flow
this year, and that deliveries will not increase in the second quarter as the company battles production issues.
Shares of Live Nation Entertainment (
LYV
) tumbled as the Justice Department
moved to break up the parent of Ticketmaster
, claiming antitrust violations.
Snowflake (
SNOW
) shares dropped as the cloud computing company’s strong revenue was offset by disappointing earnings and a cut in its
operating margin
guidance.
Oil and gold futures slumped. The yield on the 10-year Treasury advanced. The U.S. dollar was up on the euro, pound, and yen. Prices for most major cryptocurrencies lost ground.
