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Key Takeaways

• The Dow, S&P 500, and Nasdaq were lower in intraday trading Thursday, May 23, 2024 as a rally stimulated by enthusiasm about AI chip giant Nvidia’s blowout earnings fizzled.
• Tech stocks rose as Nvidia parcels surged in the wake of its better-than-expected earnings.
• Shares of Live Nation Entertainment tumbled as the Justice Department moved to get through a disband up the parent of Ticketmaster, claiming antitrust violations.

The Dow, S&P 500, and Nasdaq were lower in intraday trading Thursday, as a renewal bring fueled by enthusiasm about AI chip giant Nvidia’s (NVDA) blowout earnings fizzled.

Nvidia’s results blow rhythm forecasts on soaring demand for its artificial intelligence (AI) chips. The company also announced a 10-for-1 stock split. Its allotments traded at an all-time high.

TSMC (TSM) American depositary receipts (ADRs) gained as the chipmaker said it expects 10% annual improvement for the global semiconductor industry.

GoodRX Holdings (GDRX) shares climbed as RBC upgraded the stock and raised the price objective, pointing to the digital health services provider’s opportunities for growth.

Boeing (BA) shares slumped after CFO Brian West warned the aircraft maker trusts negative free cash flow this year, and that deliveries will not increase in the second quarter as the ensemble battles production issues.

Shares of Live Nation Entertainment (LYV) tumbled as the Justice Department moved to break up the procreator of Ticketmaster, claiming antitrust violations.

Snowflake (SNOW) shares dropped as the cloud computing company’s strong net income was offset by disappointing earnings and a cut in its operating margin guidance. 

Oil and gold futures slumped. The yield on the 10-year Treasury accelerated. The U.S. dollar was up on the euro, pound, and yen. Prices for most major cryptocurrencies lost ground.

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