Equity Alert
US Indices end higher, supported by Nvidia's strong earnings
This story was originally published at 08:08 IST on 21 May 2026
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Equity Alert: US Indices end higher, supported by Nvidia's strong earnings
MUMBAI--0750 IST--Stock indices on Wall Street ended higher Wednesday, supported by chipmaker Nvidia Corp.'s stellar earnings for the quarter ended April. The NASDAQ Composite and the S&P 500 snapped their three-session losing streak, supported by technology stocks.
'AI Darling' Nvidia posted a strong set of earnings for the quarter. The company's revenue was 85% higher on year at $81.6 billion, beating the consensus forecast of $78.9 billion. Nvidia's net income, meanwhile, rose threefold to $58.3 billion. Analysts had forecast the chip company's net income at $42.9 billion.
Nvidia's revenue from data centre computing was up 77% on year at $60.4 billion while sales from its data centre networking were up almost three times on year at $14.8 billion. Shares of the chip giant closed 1.3% higher. "The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed," said Jensen Huang, founder and chief executive officer of Nvidia.
Nvidia's robust earnings drove other technology stocks higher. Shares of Micron Tech closed almost 6% up, those of Advanced Micro Devices rose 8%, Qualcomm 3.5%, and Broadcom nearly 2%. Shares of Tesla and Amazon also closed 3% and 2% higher, respectively.
"The market is coming off a really strong earnings season that delivered positive revisions to earnings expectations, but concerns around inflation and demand destruction in the economy are proving persistent," Scott Helfstein, head of investment strategy at Global X ETFs, told CNBC.
On the macroeconomic front, war-led inflation fears sustain. Minutes of the Federal Open Market Committee's Apr. 28-29 meeting showed the Federal Reserve may raise interest rates if inflation remained above the 2% target for longer, particularly as a fallout of the war in West Asia. Many participants suggested that an easing bias shouldn't be indicated.
"...the staff viewed the possibility that inflation would be more persistent than anticipated as a salient risk," according to the minutes. Inflation is expected to slow after the first half of this year and be closer to 2% by the end of next year. As for the health of the labour market, many believed that the recent low rates of job growth were not necessarily indicative of fragility.
Following were the closing levels of major US indices on Wednesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
50009.35 | 1.31 |
|
NASDAQ Composite |
26270.359 | 1.54 |
|
S&P 500 |
7432.97 | 1.08 |
(Ruchira Kagita)
US$1 = INR 96.82
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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