PARIS (Reuters) – American stock markets opened sharply higher on Wall Street on Thursday, driven by Nvidia’s results, which support technology stocks.
In the first exchanges, the Dow Jones index took 246.62 points, or 0.64% to 38,858.86 points and the Standard & Poor’s 500, broader, advanced 1.32% to 5,047.61 points. The Nasdaq Composite jumped 2.06%, or 321.33 points, to 15,902.21.
Nvidia’s results surprised the nevertheless optimistic market consensus on Wednesday.
“In a market where performances are concentrated, each movement in Nvidia’s share price has a direct impact on the S&P500 but also on all other segments of the market, (…) which has been reduced in recent months to only a few themes , like growth, inflation and especially Nvidia”, notes Christopher Dembik, investment strategy advisor at Pictet AM.
The group’s prospects also reassured the markets, which were worried that the consensus or the medium-term financial objectives set by Nvidia would prove untenable.
“Beyond AI excitement, the market rewards companies with strong fundamentals and we view Nvidia’s stock price performance, supported by real earnings and cash flow, to be much more sustainable”, notes Richard Clode, manager at Janus Henderson.
Lower-than-expected new jobless claims last week, a sign of a resilient job market, were not enough to dent sentiment.
In terms of values, Nvidia jumped 11.58%, dragging the technology groups in its wake.
(Written by Corentin Chappron, edited by Sophie Louet)
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