Dow Soars 600 Points, S&P 500 Surges 1.6% Following Nvidia’s Q3 Earnings Beat
Synopsis
All Magnificent 7 stocks were up at the time of writing, with Nvidia and Tesla leading with gains of nearly 4% each.
U.S. equities surged in Thursday morning’s trade, led by Big Tech as Nvidia Corp.’s (NVDA) third-quarter (Q3) earnings beat eased concerns of an AI bubble. The Dow Jones Industrial Average was up by more than 600 points at the time of writing, while the S&P 500 index was up by over 1.6%.
All Magnificent 7 stocks were up at the time of writing, with Nvidia and Tesla Inc. (TSLA) leading with gains of nearly 4% each.
Microsoft Corp. (MSFT) gained the least among Mag 7 stocks, up nearly 1% at the time of writing.
After the closing bell on Wednesday, Nvidia announced blowout Q3 earnings that beat Wall Street expectations. The company reported earnings per share (EPS) of $1.3 on revenue of $57 billion, compared with analyst estimates of $1.26 EPS on $54.62 billion in revenue, according to Stocktwits data.
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