:max_bytes(150000):strip_icc()/GettyImages-22036630691-275392546f0447aabadac3928165cb22.jpg "Intel, Nvidia, CrowdStrike, Cracker Barrel, and More")
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Key Takeaways
- A surge in tech stock stocks helped pushed the Dow, S&P 500, and Nasdaq to record highs in recent trading.
- Nvidia said it would invest $5 billion in Intel, sending shares of the embattled chipmaker soaring.
- Shares of Olive Garden parent Darden Restaurants slumped, after the company warned higher costs could hurt profits.
Tech stocks surged in recent trading, pushing the Dow, S&P 500, and Nasdaq to record highs.
Intel (INTC) was the best-performing stock in the S&P 500 after Nvidia said it would invest $5 billion in the struggling chipmaker, and the two agreed to co-develop new data center and PC chips. Nvidia (NVDA) shares were up as well.
Shares of PayPal (PYPL) and Google-owner Alphabet (GOOGL) also gained following an agreement that will have PayPal use Google’s artificial intelligence tools to boost internet commerce.
CrowdStrike (CRWD) shares jumped after the cybersecurity firm gave a better-than-expected forecast for annual recurring revenue.
Darden Restaurants (DRI) shares slumped as the owner of Olive Garden and LongHorn Steakhouse chains missed profit estimates and warned higher costs could hurt future earnings.
Shares of another restaurant operator, Cracker Barrel (CBRL), sank as the blowback from the restaurant chain’s location updates and logo change hit its results and guidance.
A lower-than-anticipated outlook sent shares of Nucor (NUE) lower. The steelmaker said it sees weakness in all its segments.
Oil futures rose and gold prices fell. The yield on the 10-year Treasury note advanced. The U.S. dollar was up on the euro, pound, and yen. Most major cryptocurrencies traded higher.
