Stocks log best week in months despite nvidia drop

The stock market on Friday was set for its best week in months, as investors brushed off concerns about the resignation of Jensen Huang as the head of Nvidia. The S&P 500 rose more than 3 percent for the week, which would be its best five-day stretch since early August.

The Nasdaq Composite also rose more than 3 percent. The moves ended weeks of losses driven by concerns about a slowdown in the artificial intelligence industry. Nvidia shares dropped on Thursday after the company announced the departure of Mr. Nvidia is trading about 12 percent lower for the year.

Importantly, Nvidia's drop has not spread to the rest of the market. Rival chip makers' stocks rose, as did artificial intelligence stocks more broadly. Stock investors also brushed off a sharp rise in interest rates this week, driven by data showing consumer prices rising more quickly than expected.

The 10-year Treasury yield, which moves the rate on most business loans and credit lines, rose more than 0.2 percentage points so far this week. Investors now expect the Fed to raise interest rates at least 0.75 percentage points over the next 12 months.