:max_bytes(150000):strip_icc()/GettyImages-12582827091-e87c993d04674f87a551fccff700c311.jpg "Nvidia, Moderna, Etsy, and More")
Key Takeaways
- The S&P 500 reached an all-time high Thursday, Feb. 22, 2024, as Nvidia led tech stocks higher after its profit, sales, and guidance blew past estimates.
- Moderna’s share of the U.S. COVID-19 vaccine market rose, and its shares gained.
- Etsy warned that gross merchandise sales would fall in the current quarter, sending its shares lower.
The S&P 500 advanced into record territory and the Nasdaq was up 2.5% at midday as tech stocks surged after Nvidia’s (NVDA) blowout earnings. The Dow was also higher.
Nvidia led gains on the S&P 500 with shares up close to 15% after the artificial intelligence (AI) chipmaker reported a five-fold jump in AI and cloud revenue.
Booming demand for AI products and services sent shares of semiconductor software tools maker Synopsys (SNPS) to an all-time high.
Moderna (MRNA) shares also jumped as the biotech firm reported a surprise profit and its share of the U.S. COVID-19 vaccine market rose.
Newmont (NEM) shares slid as the world’s biggest gold miner said it would cut jobs and sell off six non-core assets to reduce debt following its purchase of Australian rival Newcrest.
Shares of Etsy (ETSY) tumbled after the e-commerce company warned that current quarter gross merchandise sales are expected to decline.
Keurig Dr. Pepper (KDP) shares sank as consumers balked at paying higher prices for its beverages, hurting revenue.
Oil futures rose, while gold prices and the yield on the 10-year Treasury note were little changed. The U.S. dollar gained on the euro and yen, but lost ground to the pound. Most major cryptocurrencies traded in the green.
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