A string of downcast sessions on Wall Street took a turn for the better early on Thursday, with tech shares benefitting from Nvidia's results.
Although the chip maker reported lower profits than expected, the company's revenue outlook for the first quarter exceeded expectations, and executives expressed confidence about the growth of artificial intelligence technology in the near future.
"The advent of artificial intelligence is signaling a time when all industries are going to be affected by the technology," said Jensen Huang, CEO and founder of the company.
About 15 minutes into today's trading, the Nasdaq Composite Index led the charge, rising 0.9 percent to 11,605.01, the highest level of the major indices.
A positive return of 0.3 percent was seen on the Dow Jones Industrial Average at 33,156.13, while a gain of 0.7 percent was seen on the broad-based S&P 500 at 4,017.09.
The stock market has been on the back foot since the middle of last week, following inflation data that has revived concerns about the possibility of further interest rate hikes in the coming months.
According to the data released by the Commerce Department on Thursday, the US economy grew by 2.7 percent on an annualized basis, lower than the 2.9 percent predicted initially.
As a leading independent research provider, TradeAlgo keeps you connected from anywhere.