Nvidia inspired rally pushes Nasdaq toward record high

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Note: Figures recorded at 7:40am AEDT. Updated figures and a video recording will be available at 9am AEDT.

Stocks surged to new highs on Thursday after chip giant Nvidia reported a much stronger-than-expected quarterly result, pushing the broader market higher.

The S&P 500 traded 2% higher. The Nasdaq Composite advanced 2.8%. The Dow Jones Industrial Average surged 414 points, or about 1.1%, to surpass 39,000 for the first time ever.

Shares of Nvidia surged more than 15% to an all-time high after the chip company said total revenue rose an extraordinary 265% from a year ago, driven by its artificial intelligence business. Nvidia, which has become one of the largest U.S. companies by market capitalization, also forecast another better than expected revenue gain for the current quarter, even against the current expectations for massive growth.

Nvidia’s surge also dragged the other tech heavyweights along for the ride, with Facebook parent Meta and Amazon gaining more than 4% and 3%, respectively. Microsoft and Netflix advanced more than 2%.

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% to 495.1.

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.

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.


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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