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Top StoriesS&P 500 rises in volatile trading as Nvidia gyrate:...

S&P 500 rises in volatile trading as Nvidia gyrate: Live updates

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Traders work on the floor of the New York Stock Exchange during morning trading on Oct. 8, 2024.

Michael M. Santiago | Getty Images

The S&P 500 rose Thursday in choppy trading as investors poured into stocks poised to benefit from a booming economy, and shook off a decline in some technology stocks led by Nvidia.

The S&P added 0.4%, while the Dow Jones Industrial Average gained 440 points, or 1%. The Nasdaq Composite hovered near the flatline.

Companies expected to benefit from an accelerating economy boosted the market, despite lingering focus on market bellwether Nvidia — which fell 1% post earnings.

Some of Thursday’s winners included bank stocks like Goldman Sachs, industrials giant Caterpillar and Home Depot. The Russell 2000 Index, viewed as a barometer for small companies and beneficiary of a possible boost to the economy from President-elect Donald Trump, added more than 1%.

Investors assessed results for AI-chip juggernaut Nvidia, up 190% this year. Shares seesawed even after the company reported better-than-expected third-quarter earnings and issued strong guidance. Some traders attributed the losses to slowing revenue growth from previous quarters, or concerns that the chipmaker didn’t exceed the most optimistic guidance estimate.

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Nvidia 1-day

“Any weakness will likely be bought for investors but traders who require beats and raises every quarter could lighten their exposure if no big beats happen for a few quarters,” Eric Clark, portfolio manager of the Rational Dynamic Brands Fund, said about Nvidia. “When growth & momentum investors leave a stock, they generally leave skid marks.”

In other news, Alphabet shed 6% to fall for a second session on antitrust fears. Snowflake was one bright spot in tech, popping nearly 30% after topping Wall Street’s estimates and lifting its product revenue guidance for the fiscal year. Salesforce also rallied about 4%.

Bitcoin also hit a fresh milestone, crossing the $98,000 level for the first time late Wednesday as investors maintained their hopes that a second Donald Trump presidency will usher in supportive regulation for the industry. It was last trading around $96,566.



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