The S&P 500 reached an all-time high Thursday, Feb. 22, 2024, as Nvidia led tech stocks higher after its profit, sales, and guidance blew past estimates.
Moderna’s share of the U.S. COVID-19 vaccine market rose, and its shares gained.
Etsy warned that gross merchandise sales would fall in the current quarter, sending its shares lower.
The S&P 500 advanced into record territory and the Nasdaq was up 2.5% at midday as tech stocks surged after Nvidia’s (
NVDA
)
blowout earnings
. The Dow was also higher.
Nvidia led gains on the S&P 500 with shares up close to 15% after the
artificial intelligence (AI)
chipmaker reported a
five-fold jump in AI and cloud revenue
.
Booming demand for AI products and services sent shares of semiconductor software tools maker Synopsys (
SNPS
) to an all-time high.
Moderna (
MRNA
) shares also jumped as the biotech firm
reported a surprise profit
and its share of the U.S. COVID-19 vaccine market rose.
Newmont (
NEM
) shares slid as the world’s biggest gold miner said it would cut jobs and sell off six non-core assets to reduce debt following its
purchase of Australian rival Newcrest
.
Shares of Etsy (
ETSY
) tumbled after the e-commerce company warned that current quarter gross merchandise sales are expected to decline.
Keurig Dr. Pepper (
KDP
) shares sank as consumers balked at paying higher prices for its beverages, hurting revenue.
Oil futures rose, while gold prices and the yield on the 10-year Treasury note were little changed. The U.S. dollar gained on the euro and yen, but lost ground to the pound. Most major cryptocurrencies traded in the green.
