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Today on Wall Street, stocks surged higher, largely driven by Nvidia’s strong earnings report.
Nvidia posted its quarterly earnings on Wednesday, beating Wall Street expectations. The company reported third quarter revenue of $3.01 billion, above the $2.95 billion analysts had estimated according to Refinitive.
The company’s stock rose 7% in after-hours trading on Wednesday and was up more than 10% as of Thursday afternoon. Nvidia’s shares have rallied 23% this year, easily outperforming the S&P 500.
Nvidia’s strong performance helped drive other tech stocks higher on Thursday, with the Nasdaq 100 index rising 0.9%. After dropping 0.56% yesterday, the S&P 500 managed to gain 0.1%.
The chipmaker’s strong earnings report also helped lift the tech sector, which accounted for most of the gains in the S&P 500. The tech sector rose more than 1%, while the energy sector fell the most, dropping 0.9%.
Overall, Wall Street enjoyed a positive day of trading, supported by Nvidia’s strong performance. The broad market index ended slightly higher, following two days of declines. Investors will continue to keep a close eye on corporate earnings reports to gauge the overall health of the market.