US stocks struggled for direction Thursday as investors dug into Nvidia’s (NVDA) earnings and revenue forecast for insights into the prospects for AI-fueled growth. Meanwhile, bitcoin (BTC-USD) hit yet another record high and neared a milestone level.
The Dow Jones Industrial Average (^DJI) was up around 0.3%, while the S&P 500 (^GSPC) moved up around 0.2%. The tech-heavy Nasdaq Composite (^IXIC) hovered above the flatline, as all three major indexes moved back and forth coming off a muted day.
Nvidia beat on profit in the third quarter, but the chipmaker forecast its slowest revenue growth in seven quarters as it noted supply chain issues. Those constraints will limit deliveries of the new flagship Blackwell chip, the company said — but will also lead to demand outstripping supply into 2026.
That suggests a revenue boost is just being pushed down the road until the issues ease, some analysts suggested, given the dearth of sizable competitors in AI chip making.
Still, Nvidia shares opened up about 4% to an intraday record but quickly erased those gains. At last check, shares were up about 1%.
Elsewhere in tech, Alphabet (GOOG, GOOGL) shares edged lower after the DOJ asked a judge to force its Google unit to sell off its Chrome browser. But its antitrust team held off on Android, laying out a choice between divesting the mobile operating system business or adopting stringent remedies.
Weekly jobless claims released on Thursday morning came in at 213,000, a decline from the prior week’s upwardly revised 219,000. Investors used the labor market data to weigh the Federal Reserve’s appetite for interest-rate cuts. Traders are now pricing in a 44% chance of the Fed holding pat at its December meeting, up from about 28% a week ago, per the CME FedWatch tool.
Investors are also on alert for Donald Trump to end the drawn-out wait for his Treasury Secretary pick, as they assess the likely impact of the president-elect’s cabinet choices on prospects for the economy.
Meanwhile, bitcoin briefly climbed to a fresh all-time high just above $98,000. The biggest cryptocurrency is closing in on the key $100,000 milestone amid reports that Trump’s team is debating whether to appoint a White House crypto policy chief.
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