Fundstrat's Tom Lee called Nvidia's earnings release a "clearing event" for the stock market and that investors' "animal spirits" are rising.

The Vanguard Mid-Cap Growth ETF was rising 0.6% on Friday morning at $266.77, putting the fund on pace to potentially book its first record close since November 2021, according to Dow Jones Market Data.

At the other end of the Dow was Nvidia , which fell 3.2%, shedding $116 billion in market value along the way. The artificial intelligence (AI) chipmaker reported solid earnings e