Wall St mixed after Nvidia results; Alphabet weighs
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Snowflake jumps after raising annual product revenue forecast
Deere shares up after Q4 profit beats estimates
Crypto stocks gain as bitcoin prices near $100,000
Weekly jobless claims stand at 213,000
Indexes: Dow up 0.14%, S&P 500 flat, Nasdaq down 0.12%
Updates at market open
By Johann M Cherian and Purvi Agarwal
Nov 21 (Reuters) - Wall Street's mainstock indexes were mixed in choppy trading on Thursday as Alphabet weighed on the market, while investors also focussed on AI-heavyweight Nvidia's upbeat quarterly results and forecast.
Alphabet GOOGL.O dropped 4% after the Justice Department argued to a judge that Google must sell its Chrome browser and take other measures to end its monopoly on online search.
It weighed on the communication services sector .SPLRCL, which fell 2.2%.
Megacaps such as Meta Platforms META.O fell 1.1%, Amazon.com AMZN.O lost 1.1% and Apple AAPL.O shed 0.6%.
On the flip side, WallStreet's biggest company, Nvidia NVDA.O, rose 1.3% to a record high after surpassing expectations for quarterly results, and projected fourth-quarter revenue above estimates.
The stock had fallen earlier in premarket trading as some investors were unimpressed that the forecast was its slowest in seven quarters.
"Nvidia had a spectacular quarter ... but it is overshadowed by expectations. Great expectations are built in the stock and have been running at the rate at which Nvidia has been running," said Art Hogan, chief market strategist at B Riley Wealth.
Other chip stocks were mixed while the Philadelphia SE Semiconductor index .SOX was up 0.8%.
At 9:48 a.m. the Dow Jones Industrial Average .DJI rose 74.01 points, or 0.14%, to 43,469.95, the S&P 500 .SPX gained 1.19 points, or 0.02%, to 5,917.46 and the Nasdaq Composite .IXIC lost 23.67 points, or 0.12%, to 18,942.48.
Nvidia has led much of the U.S. market rally since mid-2023 on expectations that AI integrationcould boost corporate profits. The stock has risen more than nine-foldin the past two years and the company boasts a market value of $3.5 trillion.
On the day, the three indexes had briefly touched their highest level in about a week.
On the data front, a weekly report on jobless claims showed they fellunexpectedly last week, suggesting a rebound in job growth in November.
Money market bets were tied between expectations that the Fed will lower interest rates by 25 basis points at its December meeting or if it will stay put, according to the CME Group's FedWatch.
"The employment picture is a little bit stronger and one could think that would give the Fed another reason to either pause in December or to slow things down in 2025," said Sam Stovall, chief investment strategist at CFRA Research.
Investors also kept an eye on escalating tensions between Russia and Ukraine.
Meanwhile, Richmond Fed President Tom Barkin said the United States is more vulnerable to inflationary shocks than in the past, according to a media report.
Comments from Federal Reserve officials Austan Goolsbee and Vice Chair for Supervision Michael Barr are on tap.
Deere DE.N shares gained 5.1% after the farm equipment maker beat Street estimates for fourth-quarter profit, whileSnowflake SNOW.N jumped 28% afterraising its annual product revenue forecast.
Crypto stocks such as MARA Holdings MARA.O jumped 11.6% and MicroStrategy MSTR.O rose 10.9% as bitcoin BTC= prices soared to nearly $100,000 for the first time.
Advancing issues outnumbered decliners by a 2.14-to-1 ratio on the NYSE and by a 1.5-to-1 ratio on the Nasdaq.
The S&P 500 posted 25 new 52-week highs and three new lows, while the Nasdaq Composite recorded 61 new highs and 54 new lows.
Nvidia's triple-digit growth comes to an end https://reut.rs/4fsHKtH
Reporting by Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Pooja Desai and Maju Samuel
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