Stock market today: S&P, Dow hit record highs as Nvidia ignites global rally | February 22, 2024

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US stocks soared on Thursday as blockbuster earnings from AI darling Nvidia (NVDA) ignited a global rally in tech stocks, eclipsing concerns about the Federal Reserve's caution over interest-rate cuts.

The tech-heavy Nasdaq (^IXIC) shot up more than 2.6% on the heels of the chipmaker's results, while the S&P 500 (^GSPC) jumped about 1.8%. Gains for the Dow Jones Industrial Average (^DJI) lagged, with a rise nearly 0.9%.

Both the S&P 500 and Dow Jones hit intraday record highs during the trading session on Thursday.

Stocks powered higher as Wall Street celebrated Nvidia's blowout quarterly results, which beat sky-high expectations. That reassured investors about the strength of the AI mania that has lifted US stock gauges to record highs.

The chipmaker's CEO said generative AI has "hit the tipping point" as it reported a 265% rise in revenue and laid out very upbeat guidance, a sign demand for AI hardware is booming. Nvidia shares climbed about 15% to hit a record high.

The bullish mood spread worldwide, with chip stock gains helping Japan's Nikkei 225 (^N225) index to finally beat a record that had stood since 1989. Similarly, techs boosted the pan-European Stoxx 600 (^STOXX) to a fresh all-time intraday high.

Amid the ebullience. assessment of the Fed's next move appeared to be on the back burner. The central bank's latest minutes showed most officials want to tread carefully on rate cuts, seeing risks in moving too quickly.

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