Key Takeaways
- Major U.S. indexes advanced at midday Thursday as a strong report on demand for artificial intelligence chips boosted the tech sector.
- Nvidia supplier TSMC posted strong profits on AI chip sales, sending shares of others in the semiconductor industry higher.
- Elevance Health shares tumbled after the insurer said changes in Medicaid weighed on its results.
Major U.S. indexes were higher at midday Thursday, as a strong report on demand for artificial intelligence (AI) chips boosted the tech sector. The Dow, S&P 500, and Nasdaq all advanced.
Nvidia (NVDA) supplier TSMC (TSM) reported profit soared on demand for AI chips, sending its U.S.-listed shares to an all-time high. The news helped drive Nvidia shares to a record high as well.
Blackstone (BX) shares also surged to a fresh high after the asset manager said its profit jumped as it brought in more investments.
Elevance Health (ELV) was the worst-performing stock in the S&P 500 after the insurer reported a weaker-than-expected profit and lowered its guidance as changes in Medicaid slashed membership rolls.
Shares of CSX (CSX) dropped as the freight shipper’s results missed estimates and it cut its outlook as Hurricanes Helene and Milton impacted operations.
Lucid Group (LCID) shares sank as the struggling luxury electric vehicle (EV) maker announced a $1.67 billion stock sale and warned it would have a larger quarterly loss than expected.
Oil and gold futures rose. The yield on the 10-year Treasury note climbed. The U.S. dollar gained on the euro and yen, but lost ground to the pound. Prices for most major cryptocurrencies were lower.
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