Stock market today: Stocks slide despite Nvidia earnings blowout | May 23, 2024

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Stocks slid from record levels on Thursday as interest rate worries dominated investor sentiment afte after Nvidia's (NVDA) blockbuster earnings had initally lit a fire under optimism that the AI rally has more room to run.

The tech-heavy Nasdaq Composite (^IXIC) fell about 0.3%, while the S&P 500 (^GSPC) dropped more than 0.6%. The Dow Jones Industrial Average (^DJI) dipped more than 1.7%, weighed by a drop in Boeing (BA) shares.

Nvidia shares popped more than 9% to top $1,000 for the first time after the AI bellwether blew past Wall Street's sky-high forecasts for first quarter earnings. The chip giant also raised its guidance, easing fears that AI demand might be losing steam.

Other chipmakers and AI-related stocks rode higher on the coattails of the results, with server maker Dell (DELL) up about 5%.

Stocks had slipped after Federal Reserve minutes revealed some policymakers are open to keeping rates higher for longer this year if inflation doesn't cool as projected.

Economic data on Thursday furthered that narrative. The S&P Global purchasing managers index (PMI) for May came in at 54.4 versus 51.3 last month. The flash reading, which came in higher than economists had expected, showed business activity accelerated at the fastest pace in two years despite the Fed's efforts to quell price pressures. Stocks started their declines for the day following the report.

Elsewhere, AI hopes gave corporates a boost. Cloud-based analytics company Snowflake's (SNOW) shares added 4% on the heels of an upbeat sales outlook. Meanwhile, News Corp. (NWS) got a bump up after the media giant signed a deal with Microsoft-backed OpenAI that should give ChatGPT access to content from The Wall Street Journal and other titles.

Meanwhile, Boeing shares fell as much as 7% Thursday after the aircraft maker's CFO revealed a delay in plane deliveries to China is expected to impact cash flow this quarter.

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