U.S. stocks are rising after Nvidia's upbeat outlook

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U.S. stocks are rising after Nvidia's upbeat outlook
Credit: © Reuters.

By Liz Moyer 

Investing.com -- U.S. stocks are rising after a strong sales outlook from chipmaker Nvidia.

At 10:02 ET (15:02 GMT), the Dow Jones Industrial Average was up 162 points or 0.5%, while the S&P 500 was up 0.7% and the NASDAQ Composite was up 0.8%.

Nvidia Corporation (NASDAQ: NVDA ) shares rose 14.5% after it gave guidance for quarterly sales that were higher than analysts expected. There was a jump in the use of its chips to run AI activities.

Fellow chipmakers were also getting a boost. Broadcom (NASDAQ: AVGO ) rose, as did Qualcomm (NASDAQ: QCOM ) and Intel (NASDAQ: INTC ).

New jobless claims of 192,000 came in lower than the expected 200,000. Along with that, gross domestic product for the fourth quarter came in at a revised 2.7%, while economists were expecting a 2.9% gain from the prior quarter.

On Wednesday, the minutes of the Federal Reserve's last meeting showed officials supported more interest rate increases but at a slower pace. The market expects the Fed will raise rates by another quarter of a percentage point in March and then again in May. Some are also expecting a rate hike in June, to get the rate above 5% by mid-summer.

Atlanta Fed President Raphael Bostic and San Francisco Fed President Mary Daly are scheduled to speak later today.

Shares of eBay Inc. (NASDAQ: EBAY ) fell 5.9% after the online auction site warned of slower demand because of shifts in consumer spending.

Moderna, Inc. (NASDAQ: MRNA ) shares fell 7.3% after it confirmed its $5 billion forecast for COVID-19 vaccine sales.

Oil rose. Crude Oil WTI Futures  was up 2.5% to $75.73 a barrel, while Brent Oil Futures crude was up 2.3% to $82.42 a barrel. Gold Futures was down 0.5% to $1831.

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