Shares of technology companies fell as interest-rate fears offset a bonanza for one major AI company.

Nvidia shares surged, rising 9% to $1037.99, after the maker of graphics chips used for artificial-intelligence applications posted quarterly earnings growth and forecast sales in excess of Wall Street targets.

Robust jobless and manufacturing data cast doubt on the thesis that the Federal Reserve would cut rates this year, weighing on rate-sensitive sectors and causing a flight from risk.

Personal-computer maker Lenovo Group said fiscal fourth-quarter profit more than doubled on higher sales of personal computers compared with a pandemic-driven slump a year earlier.

Intuit, the tech company behind TurboTax filing software, raised its fiscal 2024 profit and sales outlook, following third-quarter results that topped Wall Street's expectations.

Write to Rob Curran at

(END) Dow Jones Newswires

05-23-24 1711ET