Tech stocks lead Wall Street after strong Nvidia, Salesforce forecasts driven by AI demand
Technology stocks are leading Wall Street on Thursday after Nvidia , Salesforce and others reported even fatter profits for the spring than analysts expected. The S&P 500 added 0.7% and pulled closer to its all-time high set earlier this month. The Dow Jones Industrial Average was up 172 points, or 0.3%, as of 12:32 p.m. Eastern time, and the Nasdaq composite was 1.4% higher. Nvidia was the…
Technology stocks drove Wall Street higher on Thursday as Nvidia, Salesforce, and other companies reported better-than-expected profits for the spring. The S&P 500 rose 0.7% and the Dow Jones Industrials added 172 points. Nvidia's stock surged 9% after surpassing analyst expectations for profit and revenue, with the CEO stating AI has reached a critical point in its usefulness.
Salesforce jumped 20.9% after reporting one of its best quarters ever, attributing success to AI and raising full-year revenue forecasts. Other tech firms like HP and Best Buy fell, with HP citing personal computer sales concerns and Best Buy worried about inflation's impact on shoppers. Dollar General rose as a potential beneficiary of inflation, while Dollar Tree fell.
Treasury yields remained steady, despite concerns about inflation and the U.S. debt, and the Federal Reserve chairman's upcoming speech may provide more clarity on future interest rate moves.
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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