The S&P 500 gained in a choppy session after strong earnings results from Nvidia, the world’s largest chipmaker by market value, and various retailers.

The S&P 500 was 0.3% higher to 4,704.54.

Investors also moved into tech stocks broadly as U.S. Treasury yields took a dip of roughly 2 basis points. Scott Brown, technical strategist for LPL Financial, noted the S&P 500 Information Technology sector has gained 27% in the past six months, outperforming the broader S&P 500 by more than 10%.

More than 90% of the S&P 500 companies have handed in their financial results for the third quarter, and over 80% of them reported earnings better than Street’s expectations, according to Refinitiv. S&P 500 companies are on track to grow profit by 41.5% year over year.
 

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E-Mini Nasdaq
 

Stock futures edged up in overnight trading on Thursday as the S&P 500 aims to post a winning week.

The market rally appeared to have slowed down a bit near record levels even amid strong corporate earnings. Macy’s and Kohl’s both blew past analyst estimates in their quarterly earnings reports on Thursday.

The tech-heavy Nasdaq Composite are headed for modest gains, up 0.8% this week. 

Initial filings for unemployment insurance fell slightly to 268,000 for the week ending Nov. 13, the Labor Department reported Thursday. That was the lowest level since March 2020, and the seventh straight weekly decline. Economists polled by Dow Jones expected them to have fallen to 260,000, compared to the previous week’s adjusted 269,000 claims.


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