Stocks drifted upward in late trading on Thursday to snap a four-day losing streak on Wall Street.
- The Dow rose 108 points, or 0.3%, to 33,153.
- The S&P 500 rose 21 points, or 0.5%, to 4,012.
- The Nasdaq rose 83 points, or 0.7%, to 11,509.
Tech stocks led the way after Nvidia reported better results for the latest quarter than expected, per the AP. Its shares jumped 14.1% after it also gave a forecast for upcoming revenue that topped some analysts’ expectations, citing recovering strength in video gaming and demand for artificial intelligence products. It’s a turnaround for tech and high-growth stocks, which have struggled recently because of worries about rising interest rates. They’re seen as some of the most vulnerable as the Federal Reserve jacks rates higher in hopes of stamping out inflation.
On the losing end of Wall Street was Moderna, whose shares slid 6.9% after it reported its fourth-quarter profit tumbled 70% as COVID-19 vaccine sales fell and the drugmaker caught up on a royalty payment. Domino's Pizza dropped 11.5% despite reporting stronger profit than expected. Its revenue fell short of forecasts, and it lowered the top and bottom ends of its forecasted range for global sales growth in the next two to three years. Lordstown Motors tumbled 12.2% to $1.08 after it said it's temporarily halting production and deliveries of its Endurance electric pickup due to performance and quality issues with certain components.
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