(Updates with volume, Nvidia ( NVDA ), other tech shares higher after the
bell)
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Target ( TGT ) drops after missing quarterly comparable sales
estimates
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Indexes briefly pare gains after Fed minutes
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September US jobs report due on Thursday
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Indexes: Dow up 0.1%, S&P 500 up 0.4%, Nasdaq up 0.6%
By Caroline Valetkevitch
NEW YORK, Nov 19 (Reuters) - U.S. stocks ended a choppy
session higher on Wednesday, bouncing off recent losses as
technology stocks rose ahead of Nvidia's ( NVDA ) quarterly results.
Nvidia ( NVDA ) shares gained more than 5% after ending the
regular session up 2.8% as the artificial intelligence leader
forecast
fourth-quarter revenue above Wall Street estimates. Shares
of Advanced Micro Devices ( AMD ) rose 2.8% after the bell,
while Alphabet was up 1.6% and Palantir Technologies ( PLTR )
was up 4%.
"The market is breathing a big, collective sigh of relief
because Nvidia ( NVDA ) is confirming that AI demand is strong," said
Adam Sarhan, chief executive of 50 Park Investments in New York.
"If it sticks and stays by tomorrow's close ... this
little pullback in the market could end." The S&P 500 is still
down more than 3% from its October highs.
Indexes briefly pared gains during the regular session
after minutes from the last Federal Reserve meeting showed
policymakers cautioned that lower borrowing costs could
undermine the fight against inflation. The Fed cut rates by a
quarter of a percentage point at each of its meetings in
September and October.
Worries about a cooling labor market persisted ahead of
Thursday's release of the September U.S. jobs report following
the record-long U.S. government shutdown. The U.S. Bureau of
Labor Statistics said it will not publish the October employment
report, but will instead combine nonfarm payrolls for that month
with November's report.
Nvidia's ( NVDA ) results have been seen as a test for the AI-driven
rally that has powered the market to record highs this year.
The Dow Jones Industrial Average rose 47.03 points, or
0.10%, to 46,138.77, the S&P 500 gained 24.84 points, or
0.38%, to 6,642.16 and the Nasdaq Composite advanced
131.38 points, or 0.59%, to 22,564.23.
Investors have worried about how companies will be able to
make money from their huge investments in AI.
Among decliners, Target ( TGT ) shares fell 2.8% after the
retailer reported a bigger-than-expected drop in quarterly sales
as cash-strapped U.S. consumers cut back on discretionary
spending.
Shares of Walmart ( WMT ), which is due to report earnings
on Thursday before the bell, ended 0.8% lower.
Declining issues outnumbered advancers by a 1.59-to-1 ratio
on the NYSE, where there were 55 new highs and 211 new lows.
On the Nasdaq, 1,846 stocks rose and 2,851 fell, as
declining issues outnumbered advancers by a 1.54-to-1 ratio.
The S&P 500 posted 12 new 52-week highs and 22 new lows
while the Nasdaq Composite recorded 48 new highs and 305 new
lows.
Volume on U.S. exchanges was 17.46 billion shares, compared
with the roughly 20.2 billion average for the full session over
the last 20 trading days.