The worst day for Nvidia’s stock since last spring dragged the U.S. market lower, even though most stocks rose. The S&P 500 fell 0.5% Thursday. The Dow Jones Industrial Average added 17 points, and the Nasdaq composite sank 1.2%. Nvidia delivered another stellar profit report and gave a forecast for revenue that again topped analysts' expectations. But such blowout performances have become typical for the AI chip company, and its stock fell to its worst day since April. Stocks of software companies that had earlier been hurt by worries that AI would make them obsolete rose. Oil prices zigzagged.

U.S. stocks rose and erased their losses for the week so far, as Nvidia and other technology companies led the way. The S&P 500 gained 0.8% Wednesday for a second straight gain following Monday’s swoon. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite climbed 1.3% as stocks in software and other tech-oriented industries continued their rebound. Nvidia was one of the strongest forces lifting the market ahead of its highly anticipated profit report, which arrived after trading ended for the day. Stock indexes rose in Europe and Asia, while Treasury yields held steady.