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US stocks mixed on Thursday
US stocks were mixed on Thursday, with Nvidia shares trading higher after its latest quarterly earnings.
The Dow Jones Industrial Average rose 328 points, or 0.8%, while the S&P 500 rose 0.2%. The Nasdaq Composite fell 0.5%.
Nvidia reported better-than-expected third-quarter results and issued a strong outlook on Wednesday after the session. But shares of the artificial intelligence giant, which has surged more than 190% this year, fell more than 2% on Thursday.
Some traders cited the chipmaker’s slower revenue growth from previous quarters as a cause for concern — or that the chipmaker failed to beat its most optimistic estimate for the upcoming quarter, according to CNBC.
The stock briefly turned green after a premarket dip. However, the gain was short-lived as the stock retreated during the session.
“Investors are likely to buy on any dip, but traders who need a quarterly (revenue) beat can reduce their exposure if there are no big beats for a few quarters,” said Eric Clark, portfolio manager at Rational Dynamic Brands Fund, of Nvidia.
Market sentiment also got a boost from the cryptocurrency market. Bitcoin topped $98,000 for the first time during Thursday’s trading as investors held onto hopes that a second Donald Trump presidency would lead to industry-friendly regulation. It last traded below $97,000.
Elsewhere, Snowflake surged nearly 30% after its earnings beat Wall Street estimates.
