S&P 500 and Nasdaq Gain After Nvidia, Salesforce and CrowdStrike Report Earnings
TLDR
- Nvidia stock jumped over 7% after beating earnings and signaling strong AI demand into next year
- Salesforce and CrowdStrike also posted strong earnings, boosting software and tech stocks broadly
- The Nasdaq rose 1.3%, the S&P 500 gained 0.7%, while the Dow hovered near flat
- Nvidia reportedly agreed to acquire AI platform Hugging Face for $12.9 billion
- All eyes now turn to Fed Chair Kevin Warsh’s Jackson Hole speech on Friday
Nvidia shares surged more than 7% on Thursday after the chipmaker reported better-than-expected earnings and gave a confident outlook on AI demand. The results calmed fears that the company’s growth could be slowing down.
The strong report sent ripples across the tech sector. Marvell Technology also rose on its own results, and the iShares Semiconductor ETF returned to rally mode after trading sideways for months.
Salesforce shares jumped over 21% after its earnings report. That helped push software stocks higher across the board, with the iShares Expanded Tech-Software Sector ETF approaching its mid-August high.
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