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Nvidia inspired rally pushes Nasdaq near record high

The S&P 500 surged to new highs on Thursday after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader market and tech sector.

The S&P 500 gained 2.11 per cent to close at 5,087.03, notching its best day since January 2023. The Nasdaq Composite advanced 2.96 per cent for its best day since February 2023, closing at 16,041.62. The tech-heavy index is within shouting distance of its all-time closing high of 16,057.44. The Dow Jones Industrial Average surged 456.87 points, or 1.18 per cent, to surpass 39,000 for the first time ever and close at a new high of 39,069.11.

Shares of Nvidia popped 16.4 per cent to an all-time high after the chip company said total revenue rose a whopping 265 per cent from a year ago — driven by its booming artificial intelligence business. Nvidia, which has become one of the largest U.S. companies by market capitalisation, also forecast another stellar revenue gain for the current quarter, even against elevated expectations for massive growth.

Other tech names were also higher. Facebook parent Meta and Amazon gained about 3.9 per cent and 3.5 per cent, respectively. Microsoft and Netflix each advanced more than 2 per cent.
In other news, Newmont, the world’s top gold producer is seeking to sell six mines and two projects as part of an effort to generate $3.1 billion in cash. Among the assets to be sold are the Telfer and Havieron mines in WA.

Turning to US sectors, Tech was the best performer, by far, following Nvidia’s surge. Utilities was the worst performer.

European markets also traded higher following the US lead with the pan-European Stoxx 600 index closing at a record high on Thursday, gaining 0.9 per cent to 495.1.

Australian shares are expected to open higher. Australian companies due to report results today include AMA Group, Arcadium Lithium, Aussie Broadband, Bapcor, Brambles, Latitude, PEXA, Sandfire and Yancoal.


The SPI futures are pointing to a 0.4 per cent gain.


One Australian dollar at 8.25am was buying 65.57 US cents.


Gold was flat. Silver fell 0.41 per cent. Copper added 0.68 per cent. Oil gained 0.65 per cent.


One Australian dollar at 7.40am was buying 65.54 US cents.

Figures around the globe

European markets closed higher. London’s FTSE added 0.29 per cent, Frankfurt gained 1.47 per cent, and Paris gained 1.27 per cent.

Turning to Asian markets, Tokyo’s Nikkei gained 2.19 per cent, Hong Kong’s Hang Seng added 1.45 per cent and China’s Shanghai Composite added 1.27 per cent..

Yesterday, the Australian share market closed 0.04 per cent higher at 7,611.20.

BlueScope Steel Ltd (ASX:BSL) is paying 25 cents fully franked
Count Limited (ASX:CUP) is paying 1.5 cents fully franked
Fiducian Group Ltd (ASX:FID) is paying 18.2 cents fully franked
G.U.D. Holdings (ASX:GUD) is paying 18.5 cents fully franked
GWA Group Ltd (ASX:GWA) is paying 7 cents fully franked
Ingenia Group (ASX:INA) is paying 5.2 cents unfranked
Lendlease Group (ASX:LLC) is paying 6.4874 cents unfranked
Qantm Intellectual (ASX:QIP) is paying 4.9 cents fully franked
Step One Limited (ASX:STP) is paying 4 cents fully franked

Dividends payable
Goodman Group (ASX:GMG)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.


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