S&P 500 rallies to record high on the back of strong Nvidia earnings: Live updates

February 22, 2024

The S&P 500 surged Thursday to an all-time high after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader tech sector. AI enthusiasm has powered the jaw-dropping rally in Nvidia, along with other Big Tech names, over the past year. Phillip Colmar of MRB Partners noted equities are benefitting from earnings growth and firmer economic activity than was expected. They have very elevated earnings expectations and very elevated valuations that doesn't give any room for disappointment," Colmar said. He noted that the Nvidia-fueled market rally still carries "inherent risk" to it, given the cyclical nature of semiconductor stocks.