Nvidia Soars as US Stocks Inch Higher Amid Earnings Frenzy
US stock futures inched higher on Thursday following a drop in the S&P 500 and Nasdaq indices. The Dow Jones Industrial Average, however, gained 0.5% to reach fresh record highs.
Nvidia's stock surged after SpaceX announced it would exclusively use NVDA chips for its AI infrastructure. This development comes as 911.5 million shares held by SpaceX employees and early investors become eligible for sale on Thursday.
The S&P 500 ended 0.2% lower, while the Nasdaq 100 fell 0.8%. The Dow Jones Industrial Average gained 0.5%, with Nvidia leading gains due to its exclusive partnership with SpaceX.
Investors are bracing for the upcoming earnings reports from major companies, including Warner Bros. Discovery and Airbnb. The VanEck Semiconductor ETF (SMH) slipped 0.8% while the broader Vanguard Information Technology ETF (VGT) lost 0.3%, tracking weakness in Alphabet, Amazon, SpaceX, and Tesla stock.
US oil settled near $75 as Iran announced a potential breakthrough for global energy supply lines after finalizing a proposed shipping route through the Strait of Hormuz in partnership with Oman.