"(Bloomberg/Jessica Menton) US stocks soared on Thursday after stronger-than-expected quarterly earnings from Nvidia Corp. eased fears that AI stocks may have become overvalued. The S&P 500 Index jumped 1.6% as of 9:40 a.m. in New York, putting it on track for its biggest jump in nearly six months. The technology-heavy Nasdaq 100 Index advanced 1.9%, powered by Nvidia's 3.5% rally after the world's most valuable company delivered a surprisingly strong revenue forecast. A basket tracking the Magnificent Seven stocks rose 2.3%."
"The Cboe Volatility Index, the market's so-called fear gauge, dropped to 19.6 below the key 20 level that causes concern for traders. Thursday also brought the release of a long-delayed government employment report, which showed that US job growth picked up in September while the unemployment rate ticked higher. The data suggested the labor market showed signs of stabilizing before the government shutdown."
US stocks rose sharply after Nvidia reported stronger-than-expected quarterly results and a robust revenue forecast. The S&P 500 climbed 1.6% and the Nasdaq 100 gained 1.9%, with a Magnificent Seven basket up 2.3%. Major tech names and retailers such as Alphabet, Meta, Walmart, Target and Macy's advanced. Semiconductor and cloud-related shares rallied, and the Cboe Volatility Index fell below the 20 level. A delayed government employment report showed stronger September job growth alongside a slightly higher unemployment rate, indicating some labor-market stabilization. Federal Reserve minutes revealed a divided committee on additional rate cuts.
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