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US stocks whipsawed Thursday as investors digested Nvidia’s (NVDA) earnings and a tumble from Alphabet (GOOG, GOOGL) amid a Department of Justice move to break up its empire.
The Dow Jones Industrial Average (^DJI) led the way higher, gaining over 450 points, or about 1.1%. The S&P 500 (^GSPC) gained 0.5%, and tech-heavy Nasdaq Composite (^IXIC) pared earlier losses to finish just above the flat line.
Investors gravitated toward Utilities (XLU), Industrials (XLI), and Financials (XLF) while rotating out of Big Tech.
Nvidia was focused after its latest blowout quarter. The chipmaker beat on profit but forecasted its slowest revenue growth in seven quarters, as it noted supply chain issues. Those constraints will limit deliveries of the new flagship Blackwell chip, the company said — but will also lead to demand outstripping supply into 2026.
That suggests a revenue boost is just being pushed down the road until the issues ease, some analysts suggested, given the dearth of sizable competitors in AI chipmaking. Shares were up less than 1% on Thursday.
Elsewhere in tech, Alphabet’s slide came after the DOJ asked a judge to force Google to sell off its Chrome browser.
On the macroeconomic front, weekly jobless claims released on Thursday morning came in at 213,000, a decline from the prior week. Investors are weighing the Federal Reserve’s appetite for interest rate cuts. Traders are now pricing in a 44% chance of the Fed holding pat at its December meeting, up from about 28% a week ago, per the CME FedWatch tool.
Meanwhile, bitcoin (BTC-USD) briefly climbed to a fresh all-time high just near $99,000. The biggest cryptocurrency is closing in on the key $100,000 milestone after Securities and Exchange Commission Chair Gar Gensler announced he’d be stepping down in January 2025. Crypto enthusiasts are hopeful a more pro-crypto chair will take Gensler’s place.
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