US stocks climb further into record territory as Nvidia hits $2 trillion valuation

• US stocks continued climbing higher as Nvidia's blockbuster earnings report gave the market a fresh impetus to rally.
• The chip maker notched a $2 trillion valuation for the first time ever Friday morning.

US stocks extended gains on Friday after Nvidia's blockbuster earnings report gave the market a fresh impetus to rally to new highs during Thursday's session.

Catapulted by the optimism, stocks are swimming in record territory, with the S&P 500 and Dow Jones Industrial Average both adding to record levels posted at the closing bell on Thursday.

Nvidia hit a $2 trillion valuation for the first time ever on Friday. The company is the third-largest in the US by that metric, only behind Apple ($2.85 trillion) and Microsoft ($3.06 trillion).

Nvidia was up more than 4% after gaining 16% on Thursday. The stock was trading at $820.71 shortly after the market opened on Friday.

"As mentioned, the Nvidia beat would only serve to extend the A.I. mania that has taken hold and that is exactly what happened yesterday," top economist David Rosenberg said in a note on Friday. "The Dow (+1.2%) and S&P 500 (+2.1%) both jumped to fresh record highs, while the Nasdaq (+3.0%) is within a hair's breadth. All it took was a guidance beat of a couple of billion dollars to spark a massive surge in global equity prices, even for sectors and companies not involved in the A.I. race."

Here's where US indexes stood at the opening bell at 9:30 a.m. on Friday:

• S&P 500: 5,107.49, up 0.4%
• Dow Jones Industrial Average: 39,168.96, up 0.23% (+91.51 points)
• Nasdaq Composite: 16,123.13, up 0.52%

Here's what else is going on:

• A recession is coming and it could send stocks plummeting 26% as dwindling savings rates spark a 'vicious cycle' in the economy, strategist says.
• Short-seller Jim Chanos warns Nvidia's epic growth is cannibalizing Big Tech — as the chip titan's value surges by $1 trillion in 4 months
• An under-the-radar recession indicator in the bond market is sounding the alarm for a hard landing.
• Russia has never been richer after selling $37 billion in oil to India last year.
• The Fed engineered a miracle. Now comes the hard part.
• Fed rate hikes are creeping back into the conversation.

In commodities, bonds, and crypto:

• Oil prices fell, with West Texas Intermediate down 2% to $76.94 a barrel. Brent crude, the international benchmark, dipped almost 2% to $82.09 a barrel.
• Gold edged up 0.18% to $2,034.40 per ounce.
• The 10-year Treasury yield edged lower to 4.323%.
• Bitcoin fell 1.93% to $50,935.