22/02/24 Briefing

U.S. stocks scrambled higher Thursday to end a back-and-forth session in the green after rate worries drove four consecutive days of declines for the S&P 500 (^GSPC).

The benchmark U.S. equity index gained 0.5%, while the Dow Jones Industrial Average (^DJI) added 110 points, or 0.3%. The technology-heavy Nasdaq Composite (^IXIC) climbed 0.7%.

S&P 500 (^GSPC)

5,088.80

+1.77(0.03%)

A batch of economic data hit traders' desks early Thursday. The government's second estimate of fourth-quarter GDP was downwardly revised to 2.7% compared to 2.9% reported last month in the preliminary reading, reflecting weaker consumer spending and higher inflation figures in the final three months of 2022.

Meanwhile, filings for unemployment insurance fell last week to 192,000, the Labor Department said Thursday. Economists surveyed by Bloomberg expected jobless claims to come in at 200,000.

In individual stock moves, shares of NVIDIA Corporation (NVDA) rallied 14% after the chipmaker reported fourth quarter results late Wednesday that beat analyst estimates, even as gaming revenue nearly halved from last year. The company said it would partner with artificial-intelligence platforms amid a boom in interest for the technology, spurring optimism about its growth prospects.

Wayfair (W) shares nosedived 23% in their worst single-day slide on record after the online furniture retailer reported 5 million drop in customers and worse-than-forecast losses.