Nvidia stock surged Thursday after the company's earnings report late Wednesday. Apple and Tesla dropped.
Worries about interest rates cast a cloud over the rally fueled by Nvidia earnings. The Dow was down 416 points, or 1.1%. The S&P 500 was down 0.1%. The Nasdaq Composite was up 0.4%. The Nasdaq was on track for a record close.
The stock market, which has been pumped up by Big Tech, is expensive by historical standards, but the silver lining is that it could easily remain so for a long time.