Wall Street’s major stock indices moved higher on Thursday, led by a rally in technology shares after chip giant blockbuster forecast strengthened investor confidence in the artificial intelligence boom.
As of 12:32 p.m. Eastern Time, the S&P 500 rose 0.7%, the Dow Jones Industrial Average was up 0.3%, and the Nasdaq Composite was 1.4% higher.
At the open, the Dow Jones Industrial Average rose 149.8 points, or 0.28%, to 53,613.66. The S&P 500 rose 34.6 points, or 0.45%, to 7,710.34, while the Nasdaq Composite rose 226.8 points, or 0.87%, to 26,356.977.
Nvidia shares surged 7.3% after the company delivered another set of blowout earnings. The chipmaker reported quarterly revenue of $96.2 billion, more than double the level recorded a year earlier, and projected even stronger sales in the coming quarters amid continuing demand for AI-related products.
Investors were also looking ahead to a major speech by Federal Reserve Chair Kevin Warsh, scheduled for Friday at the annual Jackson Hole gathering of central bankers.
“The market would love to hear more from Kevin Warsh about how and what they would react to thus far,” said Art Hogan of B. Riley Wealth.
“I think investors have been frustrated thus far with the new chair of the Fed for lack of clarity as to what it would take for them to change rates and fight inflation, which currently is well above their target.”
In the bond market, Treasury yields showed little movement. The yield on the benchmark 10-year Treasury remained at 4.66%, unchanged from its level late Wednesday.
Key Stock Movers
Salesforce shares soared 20.7% after the technology company said artificial intelligence contributed to one of the strongest quarters in its history. The company also reported a profit that exceeded Wall Street expectations.
CrowdStrike stock jumped 14.5% after the cybersecurity software company beat analysts’ second-quarter earnings estimates and raised its forecast for annual revenue.
Shares of chipmakers Micron Technology and Marvell Technology also moved higher, gaining around 1% each.
HP shares, however, dropped 9% despite the company reporting quarterly profit above analysts’ expectations.
Best Buy stock fell 4.2%, even though the retailer exceeded Wall Street estimates for both quarterly revenue and profit.
Dollar General shares rose 6.5% after the discount retailer reported better-than-expected profit for its latest quarter.
Meanwhile, Moderna stock declined 4.6% after the vaccine maker announced plans for a $2 billion sale of convertible bonds.
Bullion
edged higher on Thursday, drawing support from persistent concerns over potential debasement of the US dollar.
By 0852 GMT, Spot gold was up 0.2% at $4,599.57 per ounce. US gold futures were steady at $4,652.70.
Among other metals, spot silver gained 0.6% to $68.48, platinum fell 0.2% to $1,825.57 and palladium lost 0.8% to $1,318.01.