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Stocks rise as Nvidia earnings revive AI optimism
The Nasdaq gained 1.5%, with investors also tracking jobless claims, which fell to 203,000.
U.S. stocks climbed on Thursday after earnings from Nvidia, Salesforce, and CrowdStrike boosted the tech-heavy trade, while investors looked ahead to the Federal Reserve's Jackson Hole Symposium for signals on the interest rate outlook, according to Yahoo Finance.
The Dow Jones Industrial Average rose 0.2%, the S&P 500 gained 0.7%, and the Nasdaq Composite increased 1.5%, extending gains from the prior session. Nvidia shares jumped 8% after the company reported an earnings beat and pointed to strong AI demand going into next year.
Yahoo Finance also noted that the reporting focus shifted after information earlier in the week said Nvidia agreed to buy Hugging Face for $12.9 billion, following CEO Jensen Huang's comments about rapidly growing AI investment plans. On the macro front, jobless claims ticked down to 203,000, a positive sign for the labor market.
In company-specific trading, Yahoo Finance said Dollar General and Dollar Tree reported better-than-expected earnings, though their stocks moved differently based on their respective outlooks. The tech-led sentiment helped lift broader market performance even as investors continued to weigh stabilization in bond yields after recent volatility.
Latest closeS&P 500 7,675.70 ▼0.0%|Nasdaq Comp. 26,130.20 ▼0.1%|Dow Jones 53,463.88 ▼0.2%