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

Nasdaq up more than 1%; S&P 500 up, Dow dips

Tech leads S&P 500 sector gains; energy weakest sector

Euro STOXX 600 index off ~0.1%

Dollar up; gold, bitcoin down; crude slides ~3%

U.S. 10-Year Treasury yield rises to ~3.76%

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NASDAQ JUMPS MORE THAN 1% AS NVIDIA SURGES (1000 EDT/1400 GMT)

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&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)

CHIP INDEX POISED TO POP AT THE OPEN (0858 EDT/1258 GMT)

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&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 & 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)