Accenture, Nvidia, Darden Restaurants, and More

The S&P 500 briefly crossed 5,500 for the first time Thursday before edging lower, as Nvidia (NVDA) shares rose amid enthusiasm for developments related to artificial intelligence (AI). The Dow climbed, while the Nasdaq lost ground.

Dell Technologies (DELL) and Super Micro Computer (SMCI) shares gained after Elon Musk said the two tech firms would be providing hardware for his xAI startup. Dell CEO Michael Dell also noted that Dell would be teaming with Nvidia on the project.

Accenture (ACN) shares jumped after the company reported third-quarter profit that beat estimates as its AI-related bookings surged.

Darden Restaurants (DRI) shares advanced after the restaurant chain posted better-than-expected adjusted profit as it benefited from the acquisition of Ruth’s Chris Steak House.

Shares of Newmont Corporation (NEM) and some of its mining peers gained along with the prices of gold, copper, and other metals.

Kroger (KR) shares fell as the big supermarket chain said it had paused its stock buyback program as it works to get approval for its planned $24.6 billion purchase of rival Albertsons (ACI).

Shares of Jabil (JBL) tumbled as the maker of electronic equipment warned of “softness” in several of its markets. Apple (AAPL) shares also lost ground, with the iPhone maker’s purchases representing a large portion of Jabil’s revenue. 

Oil futures and the yield on the 10-year Treasury note rose. The U.S. dollar was up on the euro, pound, and yen. Prices of Bitcoin, Ethereum, and other major cryptocurrencies edged lower.