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Nasdaq up more than 1%; S&amp;P 500 up, Dow dips
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Tech leads S&amp;P 500 sector gains; energy weakest sector
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Euro STOXX 600 index off ~0.1%
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Dollar up; gold, bitcoin down; crude slides ~3%
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U.S. 10-Year Treasury yield rises to ~3.76%
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<h3>NASDAQ JUMPS MORE THAN 1% AS NVIDIA SURGES (1000 EDT/1400 GMT)</h3>
U.S. stocks are mostly higher in morning trading Thursday, with the Nasdaq (.IXIC) rising more than 1% after a strong forecast by chipmaker Nvidia (NVDA.O) .
Nvidia shares are up more than 24% after it forecast late Wednesday second-quarter revenue more than 50% above Wall Street estimates. It said it is increasing supply to meet surging demand for its artificial-intelligence chips, which are used to power ChatGPT and many similar services.
The Philadelphia SE semiconductor index (.SOX) is up 4.4% in early trading, while the S&amp;P 500 technology sector (.SPLRCT) is up more than 3% and giving the index its biggest boost.
Here is the early market snapshot:
(Caroline Valetkevitch)
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<h3>CHIP INDEX POISED TO POP AT THE OPEN (0858 EDT/1258 GMT)</h3>
On the back of Nvidia’s (NVDA.O) upbeat revenue forecast, chip stocks are poised to surge at Thursday’s open. The iShares Semiconductor ETF (SOXX.O) is quoted up about 5% in premarket trade.
If this holds, the Philadelphia SE Semiconductor index (.SOX) appears set to surge above its April-May highs when Thursday’s regular session kicks off:
With a near-5% thrust, the SOX would surpass its recent highs in the 3,230-3,234 area, and see its highest levels since April 2022.
Through Wednesday’s close, the semiconductor index is up a little more than 23% so far this year vs a 25% rise for the broader technology sector (.SPLRCT) , a 19.3% rise for the Nasdaq Composite (.IXIC) , and a 7.2% gain for the benchmark S&amp;P 500 index (.SPX) .
Based on the expected opening strength, the SOX should pass tech with a ~29% YTD rise vs a ~28% YTD gain in the early going on Thursday.
The SOX appears to have formed an inverse head &amp; shoulders pattern from mid-2022 to early-2023. The minimum pattern projection still calls for an eventual return to levels in excess of 3,800. Such a rally would put the SOX within striking distance of its intraday record peak of 4,068 set Jan. 4, 2022.
The rising 50-day moving average, which ended Wednesday at 3,070, is seen as a support level.
Meanwhile, through Wednesday, 26 of the 30 SOX members are higher this year, led by Nvidia’s 109% surge. And NVDA appears set to jump about 30% at the open further turning the tide back in favor of chipmakers vs equipment makers:
Indeed, since nearly testing its January low earlier this month, the SOX chipmaker/equipment maker ratio has turned up back in favor of chipmakers.
(Terence Gabriel)
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<h3>FOR THURSDAY’S LIVE MARKETS POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE</h3>
SOX05252023
<img src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/3OELAoR?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1306" height="927" original-src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/3OELAoR"/>
<h3>SOXCHIPVSEQ05252023</h3>
<img src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/3BYoEtn?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1298" height="918" original-src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/3BYoEtn"/>
US early market update
<img src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/429gjNU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="559" height="421" original-src="https://imageproxy.pbkrs.com/https://tmsnrt.rs/429gjNU"/>
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)

LIVE MARKETS-Nasdaq jumps more than 1% as Nvidia surges