Wall Street closed on a positive note Thursday, with the Dow Jones Industrial Average soaring nearly 500 points, buoyed by strong earnings from Nvidia. The S&P 500 also posted gains, while the Nasdaq ended nearly flat as major tech stocks faced declines.
Nvidia’s earnings beat expectations, with revenue surpassing forecasts and guidance aligning with estimates, prompting more than 20 firms to raise their price targets for the chipmaker. The stock fluctuated throughout the day but ended up 0.5% higher at $146.67 per share. JPMorgan raised its target for Nvidia from $155 to $170, citing the company’s strong competitive edge, while Goldman Sachs increased its target from $150 to $165, expecting Nvidia to achieve over $200 billion in revenue next year.
“The team continues to maintain a 1-2 step lead ahead of competitors with its hardware/software platforms,” JPMorgan analysts wrote, highlighting the company’s aggressive new product launches and expanding product segmentation.
However, other major tech stocks struggled. Alphabet, the parent company of Google, fell more than 4.5% after the U.S. Department of Justice urged the company to divest its Chrome business in a push to curb anti-competitive behavior. Amazon, Meta, and Microsoft also closed lower, contributing to a broader tech selloff.
In economic news, weekly jobless claims fell to 213,000, down by 6,000 from the previous week, staying near their lowest level since April. However, continuing claims, which track the total number of people receiving unemployment benefits, rose to 1.91 million, marking the highest level in three years, up 36,000 from the week before.
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