Key Takeaways

• The S&P 500 added 0.5% on Thursday, Nov. 21, 2024, as results from chip giant Nvidia reinvigorated optimism around the AI revolution.

• Super Micro Computer stock surged after the server maker received a shoutout during Nvidia's earnings call, extended this week's gains.

• Shares of Alphabet dropped as the Justice Department said the tech giant should be required to sell its Chrome browser to dismantle its monopoly in the search business.

Major U.S. equity indexes moved higher a day after Nvidia (NVDA), the world's most-valuable company, topped third-quarter revenue and profit forecasts but said supply chain issues could crimp revenue growth in the current quarter.

The S&P 500 ticked up 0.5%, while the Dow advanced 1.1%. After trading down for much of the day, the Nasdaq recovered in the afternoon to eke out a gain of less than 0.1%.

Super Micro Computer (SMCI) shares jumped 15%, logging the top daily performance in the S&P 500 for the third time this week. Thursday's gains came after Nvidia mentioned its partnership with the server maker during its earnings call last night. Earlier this week, Supermicro filed a compliance plan related to the release of its delayed annual report, which should help it steer clear of a possible delisting by the Nasdaq. Nvidia's shares rose 0.5%.

Shares of Amentum (AMTM) jumped 10.5%, clawing back a portion of the stock's recent losses as the efficiency priorities of the incoming presidential administration create an uncertain outlook for government contractors. Amentum has seen some positive developments this week, securing a $389 million contract to provide logistical support for the U.S. Army and partnering with the government of the Netherlands to evaluate potential nuclear power projects in the country.

Deere (DE), manufacturer of tractors and other heavy-duty farming equipment, reported better-than-expected profit for its fiscal fourth quarter, and its shares plowed 8.1% higher. More moderate raw material prices and freight expenses contributed to lower production costs, helping Deere overcome a slump in demand for farm equipment. Deere's full-year profit guidance came in below expectations, as the firm expects persistent pressure on farm incomes to continue dragging down spending on major agricultural equipment.

Vistra (VST) shares surged 7.8% Thursday, adding to gains posted Wednesday after the electricity generator announced a private offering of $1.25 billion in senior secured notes. The opportunity for the Texas-based utility to provide power for energy-intensive data centers has helped catapult Vistra stock to the best performance in the S&P 500 for 2024, with gains of above 330%.