“Nvidia Skyrockets Past $1,000 as Stock Market Hits Record Highs: Thursday’s Top Movers”

Stock Market Reclaims Record Highs, Nvidia Tops $1,000 As AI-Driven Rally Resumes: Thursday’s Top Movers

On Thursday, the stock market saw a significant rebound as the S&P 500 and the Nasdaq 100 indices surged to new record highs. This rally was primarily fueled by Nvidia Corp. (NASDAQ:NVDA), which saw its stock price soar by 9% to reach $1,034 per share following impressive earnings results and optimistic guidance.

Nvidia reported a staggering $26 billion in revenue for the last quarter, marking a remarkable 262% increase from the same period last year and surpassing analysts’ expectations of $24.6 billion. Of particular note was the exceptional performance of the company’s AI-driven Data Center segment, which saw a remarkable 427% year-over-year growth.

The positive momentum extended to the broader market, with the SPDR S&P 500 ETF Trust (NYSE:SPY) gaining 0.3% to hit $531 and the Invesco QQQ Trust (NASDAQ:QQQ) rising by 0.7%, both reaching new all-time highs. However, the tech-heavy Nasdaq outperformed the blue-chip index, as the SPDR Dow Jones Industrial Average (NYSE:DIA) experienced a slight decline of 0.4%. Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:IWM), also saw a marginal decrease of 0.1%.

Within the technology sector, semiconductor stocks led the gains, with the Technology Select Sector SPDR Fund (NYSE:XLK) increasing by 0.6%. In the semiconductor industry segment, both the VanEck Semiconductor ETF (NYSE:SMH) and the iShares Semiconductor ETF (NYSE:SOX) posted strong gains of 3.1% and 1.7%, respectively.

Nvidia’s stellar performance also reflected in the top gainers list of the S&P 500 and Nasdaq 100 indices. The company claimed the top spot in both lists, with its stock price reaching $1,035.29 and $1,029.68, respectively. Other notable gainers included Super Micro Computer, Inc. (NASDAQ:SMCI), Advanced Micro Devices Inc. (NASDAQ:AMD), and Applied Materials, Inc. (NASDAQ:AMAT).

Overall, Thursday’s market activity showcased the resilience of the stock market, with Nvidia’s exceptional performance driving the AI-driven rally to new heights. Investors will be closely watching how this momentum continues in the coming days and whether other AI-related stocks will follow suit.

In conclusion, the stock market’s reclaiming of record highs, led by Nvidia’s surge past $1,000, signals a renewed optimism among investors as the AI-driven rally resumes its upward trajectory.

Sources:
– Benzinga: Goldman Sachs Expects Nvidia to Sustain Competitive Lead, Raises Price Forecast to $1,400
– Benzinga: Nvidia’s Success May Propel These 6 AI-Related Stocks To New Heights
– Benzinga: Why Micron, Broadcom And Lam Research Shares Are Moving Higher Thursday

Photo: Shutterstock

“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!

Get the latest stock analysis from Benzinga?

This article Stock Market Reclaims Record Highs, Nvidia Tops $1,000 As AI-Driven Rally Resumes: Thursday’s Top Movers originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.