Global markets update: Nasdaq, S&P 500 soar on rally in Nvidia shares

On the Wall Street, Nasdaq and S&P 500 soared on Thursday on rally in Nvidia shares and other AI-related companies, and on progress in US debt ceiling talks.

The S&P 500 gained 36.07 points, or 0.88%, at 4,151.27. The Nasdaq Composite surged 213.16 points, or 1.71%, at 12,698.09. The Dow Jones Industrial Average fell 31.33 points, or 0.10%, at 32,768.59.

Chipmaker Nvidia Corp climbed 24.37% at $379.80. Nvidia gave an upbeat forecast of quarterly revenue 50% more than estimates. It also said that it was ramping up supply to meet demand for artificial intelligence (AI) chips.

Microsoft Corp soared 3.85% and Alphabet Inc rose over 2%. Advanced Micro Devices Inc, Micron Technology Inc and Broadcom Inc also rallied.

A Reuters report said US President Joe Biden and Republican lawmaker Kevin McCarthy on Thursday were edging close to a deal, with the parties just $70 billion apart on discretionary spending.

The yield on the two-year treasury jumped to 4.53% from 4.38% last Wednesday. The 10-year yield rose to 3.81% from 3.74%.


The US dollar rose to 139.99 Japanese yen from 139.16. The euro fell to $1.0722 from $1.0750.


European stocks slid on Thursday on economic slowdown in Germany.

The pan-European STOXX 600 index closed 0.3% lower, shedding about 2.7% in three consecutive days.

Britain’s FTSE 100 fell 0.7% at 7,570.87. Germany’s DAX lost 0.3% at 15,793.80. France CAC 40 fell 0.2% at 7,229.27.

Economic data showed that Germany economy entered recession in the first quarter, contracting by 0.3% after shrinking by 0.5% in the last three months of 2022. 


In Asia, most stock markets fell on Thursday on fears of a US debt default.

Hong Kong’s Hang Seng index dropped 1.9% at 18,746.92. China’s Shanghai Composite shed 0.1% at 3,201.26.

Japan’s Nikkei 225 rose 0.4% at 30,801.13.

Australia’s S&P/ASX 200 index ended 1.1% lower at 7,138.2. New Zealand’s benchmark S&P/NZX 50 index fell 0.1% at 11,959.9 points.

Markets in South Korea, Singapore, Philippines, Thailand and Indonesia also declined.

Energy prices

Brent crude for July delivery fell $2.10 to $76.26 a barrel on Thursday. US crude oil benchmark for July delivery fell $2.51 to $71.83 a barrel. 

Natural gas for June delivery fell 9 cents to $2.31 per 1,000 cubic feet.


Gold for June delivery fell $20.90 to $1,943.70 an ounce. Silver for July delivery fell 33 cents to $22.91 an ounce. 



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