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Stock market today: Nasdaq, S&P 500 touch new record as Nvidia galvanizes stocks

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Nasdaq Composite,Nasdaq,Tech Stocks

Nvidia's blockbuster earnings have fired up optimism for AI's ability to fuel growth, eclipsing rate-hike worries for now.

The S&P 500 and Nasdaq touched fresh intraday records on Thursday after Nvidia's blockbuster earnings lit a fire under optimism that the AI rally has more room to run. The tech-heavy Nasdaq Composite jumped about 1%, while the S&P 500 rose 0.6%. The Dow Jones Industrial Average , which includes fewer tech stocks, dipped slightly below the flatline.

The Nvidia euphoria helped the market set aside the interest rate hike concerns that fed the previous day's losses. Stocks had slipped after Federal Reserve minutes revealed some policymakers are open to keeping rates higher for longer this year if inflation doesn't cool as projected.

 

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