NEW YORK, Feb 23 — Wall Street stocks bounced early today following a streak of downcast sessions, with tech shares lifted by results from Nvidia.
The chip company surged 12 per cent despite reporting lower profits as its first-quarter revenue outlook topped estimates and executives expressed confidence about the growth of artificial intelligence technology.
"AI is at an inflection point, setting up for broad adoption reaching into every industry," said Jensen Huang, founder and CEO of Nvidia.
Among major indices, the tech-focused Nasdaq Composite Index led the way, rising 0.9 percent to 11,605.01 about 15 minutes into the trading day.
The Dow Jones Industrial Average added 0.3 percent at 33,156.13, while the broad-based S&P 500 advanced 0.7 per cent to 4,017.09.
Stocks have been on the back foot since the middle of last week following inflation data that revived worries about additional interest rate hikes.
Commerce Department data Thursday showed the US economy grew at rate of 2.7 percent, annualised, lower than the 2.9 per cent increase originally reported. — AFP
