NVIDIA Shares Jump about 6% after better-than-expected Quarterly Earnings
Taarek Refaat
NVIDIA shares jumped about 6% after the company reported better-than-expected quarterly earnings, boosted by a 73% year-over-year increase in data center revenue.
"NVIDIA's results on Wednesday are pivotal not just for NVIDIA, but for the broader market, as they can reignite investor optimism and shift attention away from political headlines to the power of artificial intelligence," said James Demert, chief investment officer at Main Street Research.
Despite Wednesday's weak market performance, major US indices are on track to end the week—and month—with strong gains. The S&P 500 is up 2.2% since the start of the week, the Dow is up 1.3%, and the Nasdaq is up 3%. The tech sector is up more than 10% in May, driven by AI announcements from major companies like Alphabet.
During May, the S&P 500 rose 6%, the Dow Jones rose 3.6%, and the Nasdaq jumped 11%.
These gains come after President Trump on Sunday backed down from his threat to impose 50% tariffs on the EU on June 1, postponing the implementation until July 9. Although markets welcomed the news, criticism of the tariffs' impact on markets continues, according to a report published by CNBC.
US stock indices posted significant gains on Thursday after a federal court ruled to invalidate the "reciprocal" tariffs imposed by US President Donald Trump. Nvidia's strong quarterly results also pushed technology stocks higher, boosting market performance.
The S&P 500 rose 0.8%, while the Nasdaq Composite jumped 1.5%, returning to positive territory for the year to date. The Dow Jones Industrial Average rose 46 points, or 0.1%.
This rise came after the U.S. Court of International Trade ruled Wednesday evening that President Trump exceeded his authority by imposing tariffs under the name "reciprocal duties," and ordered the reversal of those decisions.
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