Wall Street Rallies on Nvidia Earnings as Markets Await Fed Chair Warsh’s Jackson Hole Speech
TLDR
- Nvidia shares jumped 8.7% after a strong revenue outlook, lifting tech stocks broadly
- Salesforce and CrowdStrike also posted big gains on Thursday
- S&P 500 rose 0.7%, Nasdaq jumped 1.6%, Dow gained 0.2%
- Fed Chair Kevin Warsh set to speak at Jackson Hole symposium Friday morning
- PayPal shares dropped nearly 14% after a reported acquisition deal fell apart
Nvidia’s blockbuster earnings report drove a broad tech rally on Wall Street Thursday, but markets turned cautious Friday as investors waited for Federal Reserve Chair Kevin Warsh to speak at the Jackson Hole Symposium in Wyoming.
US stock futures were mixed in premarket trading. Dow Jones futures rose 0.1%, S&P 500 futures dipped slightly, and Nasdaq 100 futures fell 0.3%.
Nvidia Drives Tech Rally
Nvidia shares surged 8.7% Thursday after the chipmaker posted a strong revenue outlook, easing fears that spending on artificial intelligence infrastructure was slowing down.
The results gave investors fresh confidence in the AI trade. Semiconductor stocks broadly moved higher on the back of the report.
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