Stocks were mostly higher on Thursday to reverse course after dropping a day earlier, as investors weighed a batch of solid corporate earnings results against lingering inflation concerns.
The S&P 500 rose. As of Wednesday’s close, the index was up by 1.8% for November to date, and hovered less than 0.7% below its all-time intraday high.
Nvidia (NVDA) shares jumped to help lead both the S&P 500 and Nasdaq higher after the semiconductor company posted record quarterly revenues and strong full-year guidance. The report suggested it was effectively navigating a lingering global shortage and meeting elevated demand.
Dow company Cisco (CSCO), however, saw results dented by components shortages, and the computer networking equipment company posted a disappointing current-quarter forecast. And overseas, Alibaba’s (BABA) sharply disappointing quarterly report and slashed guidance for the full year raised alarm bells about the pace of growth in China — the…