Tech Stocks Jump in Late Trade following Nvidia Results – US Market Wrap

Shares of the world’s largest technology companies rose in late trading on speculation that Nvidia’s earnings will rekindle the artificial intelligence-driven rally.

A $332 billion exchange-traded fund that tracks the Nasdaq 100 (QQQ) rose after regular trading ended. The giant chipmaker regarded as a barometer for AI reported first-quarter revenue that exceeded the average analyst estimate. The stock rose 3%.

During regular hours, equities extended their losses in the final stretch of US trading, with the S&P 500 closing just shy of its session lows. According to people familiar with the matter, the Trump administration is planning to restrict the sale of chip design software to China. Cadence Design Systems and Synopsys fell more than 9.5%.

The S&P 500 dropped 0.6%. The Nasdaq 100 declined 0.5%. The Dow Jones Industrial Average declined 0.6%. Tesla is set to launch its long-awaited robotaxi service in Austin on June 12, according to a source familiar with the matter. Salesforce increased its sales forecast late into the night.

The yield on 10-year Treasuries increased three basis points to 4.47%. A dollar index gained 0.3%. Oil prices rose as traders assessed risks to Iranian and Russian supplies.