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

NEW YORK — 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. The Dow was little changed and the Nasdaq composite was leading the market with a 0.5% gain. Nvidia was at the center of the run after it reported much stronger profit and revenue for the latest quarter than expected.

Nvidia shares jumped more than 8% in off-hours trading after the company's results covering the May-July period exceeded its own projections for astronomical sales growth. That growth has been propelled by the company’s specialized chips that help power different forms of artificial intelligence, such as Open AI’s popular ChatGPT and Google’s Bard chatbots.

Boeing fell nearly 2% after fuselage supplier Spirit AeroSystems said it discovered a quality issue on certain models of the 737 fuselage. Spirit said it would continue to deliver the units to Boeing, which said there is no immediate safety concern associated with the issue. At midday in Europe France's CAC 40 added 0.4%, Germany's DAX gained 0.3%, Britain's FTSE 100 rose 0.7%.

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