Dow Hits Record High Amid Surging Economic Data and Nvidia Dip

Wall Street stocks surged, with the Dow reaching an all-time high following better-than-expected U.S. economic data. Nvidia's stock dipped after failing to impress investors with its quarterly revenue forecast. Despite this, other AI-related stocks gained. Key sectors saw various performances, led by gains in energy and industrials.

Wall Street stocks surged, propelling the Dow to a record high on Thursday on the back of strong U.S. economic data. Despite this upward trend, artificial intelligence chipmaker Nvidia saw its stock slip after delivering a quarterly revenue forecast that failed to wow investors.

The U.S. economy grew more robustly than initially estimated, driven primarily by strong consumer spending, according to the Commerce Department's report. This bolstered hopes that the U.S. could avoid a recession. Jeffrey Roach, chief economist for LPL Financial, commented, 'Downward revisions to inflation alongside upward spending revisions build the case for a soft landing.'

Notably, Nvidia's disappointment did not significantly affect other AI stocks. Microsoft and Alphabet experienced increases, while Broadcom and Advanced Micro Devices also saw gains. The broader market reflected optimism, with the Dow up 1.10%, the Nasdaq 0.93% higher, and the S&P 500 rising 0.76%.

(With inputs from agencies.)