The S&P 500 ended positively on Thursday, boosted by the robust forecast of NVIDIA Corporation NVDA, which sparked a surge in AI-related stocks.
During the day, NVIDIA’s shares surged by 24%, lifting the Philadelphia SE Semiconductor index to its highest level in over a year.
Best Buy BBY also experienced considerable gains, closing the session by 3% after the firm announced better-than-expected quarterly earnings.
Investors kept a close eye on the ongoing negotiations in Washington to increase the $31.4 trillion debt ceiling.
The majority of sectors on S&P 500 ended the day with mixed results, with technology and communication services stocks registering the highest gains on Thursday. Conversely, energy and utilities stocks finished notably lower during the session.
The Nasdaq 100 surged by 2.46%, closing at 13,938.53 on Thursday, despite losses in the shares of NVIDIA and Microsoft Corp MSFT.
In the previous session, the S&P 500 rose by 0.88%, while the Dow Jones dropped by 0.11% to 32,764.65.
The CBOE Volatility Index (VIX), commonly referred to as VIX, fell by 4.4%, closing at 19.14 on Thursday.
What is the CBOE Volatility Index?
The CBOE Volatility Index is a measurement of the equity market’s expectations of volatility, based on S&P 500 index call and put options.
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