(New York) The New York Stock Exchange rose on Thursday, as expectations for the results of Nvidia, emblem of the economic promises of artificial intelligence, having been fulfilled.
The Dow Jones advanced 0.53%, the tech-dominated NASDAQ gained 0.31% and the S
“This is the third time in a row that the chipmaker, which is at the heart of the AI craze, has exceeded Wall Street estimates for its sales forecast, rekindling the appetite for risk across the globe,” summed up Art Hogan of B. Riley Wealth Management.
The group, which published its quarterly accounts after the market closed on Wednesday, forecast sales of $16 billion for the next quarter ending in October, while analysts were betting on $12.5 billion.
The stock, which has soared 222% since the start of the year, climbed nearly 4% to $488.
The semiconductor sector followed like Taiwan Semiconductor (1%), Micron Technology (1.17%).
“This is a historic moment for the broader tech industry and a taste of what’s to come,” said Dan Ives, tech industry analyst for Wedbush.
“Investors recognize that the demand for artificial intelligence (AI) is as real as any technology trend in the past 30 years, comparable to the internet in 1995 or the launch of Apple’s iPhone in 2007,” ignited the analyst.
Investors will be interested in the meeting of central bankers in Jackson Hole, Wyoming, which gets down to business at 10 a.m. EST on Friday with Federal Reserve Chairman Jerome Powell ( fed).
“Mr. Powell should highlight the progress made in the fight against inflation while remaining true to his latest comments” which call for continued vigilance, said Art Hogan.
Among the indicators, a fall in orders in transport, in particular air transport, weighed on durable goods orders, which fell by 5.2% in July.
Excluding the transportation sector, they rose 0.5%. The transport sector fell 14.3% from the previous month, mainly due to a sharp decline of 43.6% in orders for civil aviation, while those for military aircraft fell by 10.9% .
The aircraft manufacturer Boeing has also announced that it has identified a defect on an element of the 737 MAX which will again disrupt deliveries of its flagship aircraft.
This incident will affect 737 deliveries in the short term, “while we conduct inspections to determine the number of aircraft affected and carry out the necessary restoration work,” said the aircraft manufacturer.
The fall in Boeing stock (-3.35%) weighed on the Dow Jones.
Automaker stocks were also in the red from Ford (-0.88%) to General Motors (0.91%) to Tesla (-1.44%).
Vietnam’s electric vehicle maker VinFast, which entered Wall Street last week, was highly sought after with its stock soaring more than 40% to $53.
Dollar Tree, the discount chain, fell 9.5%, reflecting with disappointing results the concerns, mentioned by many retailers, over cautious consumers and an increase in theft.
In the bond market, ten-year yields remained stable at 4.19%, after falling from their 16-year highs the previous day.
