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Stock market today: Tech stocks rally after blowout Nvidia profit, while rest of Wall Street drifts

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Technology stocks are jumping in early trading following a blowout profit report from Nvidia, but moves for the rest of Wall Street are more muted. The S&P 500 was 0.3% higher early Thursday, continuing a strong week that has trimmed its loss for August so far.

Nvidia was at the centre of the run after it reported much stronger profit and revenue for the latest quarter than expected. That raised hopes that this year's frenzy around artificial-intelligence technology isn't just hype. Nvidia rose 4.9%.Wall Street was mixed in premarket trading early Thursday after chipmaker Nvidia reported blowout earnings, pushing Nasdaq futures higher.Futures for the S&P 500 gained 0.6% before the bell, the Nasdaq jumped 1.

Nvidia's second-quarter sales doubled from the same time last year to $13.51 billion, culminating in a profit of $6.2 billion, or $2.48 per share. That's than nine times more than the company made a year ago, and the momentum is still building. The Santa Clara, California, company predicted revenue of $16 billion for the third quarter, nearly tripling results from the year-ago period. Analysts had expected $12.6 billion in revenue for that period.

The hope among traders has been that the Fed has already hiked rates for the final time this cycle and that it will begin cutting rates early next year. But such hopes have been diminishing with each stronger-than-expected report on the economy that's come in recently.

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