Despite the ongoing debt limit negotiations in Washington, the tech sector was lifted by Nvidia’s projection, which helped U.S. stocks close in a mixed bag.
The S&P 500 was up 0.5%, the NASDAQ Composite was up 1.1%, and the Dow Jones Industrial Average was down 76 points, or 0.2%, at 9:51 ET (13:51 GMT).
Nvidia lifts the Tech Sector
NVIDIA Corporation (NASDAQ: NVDA) saw a 23% increase in share price after forecasting $11 billion in revenue.
They also saw a record for the chip manufacturer as it reaps the advantages of a boom in demand for chips that enable artificial intelligence technologies.
AI-related companies’ stock prices increased with Microsoft Corporation (NASDAQ: MSFT) up 2.3% and Alphabet Inc. Class C (NASDAQ: GOOG), the parent company of Google, up 1.8%, among them.
But it wasn’t all positive.
READ ALSO: Fitch Downgrades The US Due To The Debt Deal Impasse
Without a resolution to the debt ceiling negotiations, lawmakers were scheduled to depart for the long weekend.
By early June, Congress must either increase or suspend the ceiling to avoid a potential default by the United States, which has been a concern for the markets recently.
Republican from California and House Speaker Kevin McCarthy claimed on Thursday that the talks have made “some progress.”
However, the continuing uncertainty, rating agency Fitch has placed the United States on notice for a potential downgrade.
More information
The most recent report showed initial claims for unemployment insurance at 229,000, which was somewhat more than projected but below forecast.
Gross domestic product increased by 1.3% over the prior quarter in the first quarter, which was less than anticipated but still higher than the fourth quarter’s rate.
READ ALSO: With Financial Surveillance, CBDCs, and Privacy, Why Do Governments Go Cashless?
Dollar Tree, Inc. (NASDAQ: DLTR) stock dropped 14% after the bargain retailer lowered its projected year profit.
Following Snowflake Inc.’s (NYSE: SNOW) worse-than-anticipated second-quarter product revenue projections, the company’s shares dropped 15.8%.
Oil was dropping. WTI crude oil futures saw a 2.6% decline to $72.37 per barrel, while Brent oil futures saw a 2.4% decline to $76.44 per barrel. At $1,946, gold futures were down 0.9%.
