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US stocks climbed on Thursday after earnings from Nvidia (NVDA), Salesforce (CRM), and CrowdStrike (CRWD) lifted the tech trade and investors awaited the Fed's Jackson Hole gathering.
The Dow Jones Industrial Average (^DJI) hovered near the flat line.
The S&P 500 (^GSPC) gained 0.4%, and the tech-heavy Nasdaq Composite (^IXIC) rose about 1%,building on Wednesday's gains.
Nvidia (NVDA) stock leaped 6% higher after the companyreported an earnings beatand signaled strong AI demand throughout next year, easing concerns that the AI chip king wouldn't be able to sustain its torrid pace of growth.
On Wednesday night, the Information reported that Nvidia agreed to buy Hugging Face, an open-source model repository, for $12.9 billion.
The reported move comes after Nvidia CEO Jensen Huang touted the company'sballooning AI investments,saying, "the only regret that I have is that I didn't invest more and sooner" in AI labs.
With the AI bellwether's report in the rearview mirror, the focus now turns to the Federal Reserve's Jackson Hole Symposium, where central bank officials will debate the path of interest rate policy.
Fed Chairman Kevin Warsh is expected to deliver a speech on Friday, though his message is anyone's guess.
Bond yields have stabilized after spiking last week as investors continue to weigh Treasury's intervention in the bond market and the likelihood that the Fed would hold rates steady.
On the economic front, data on jobless claims ticked down to 203,000 in a positive sign for the labor market.
Investors also got a glimpse of consumer trends when Dollar General (DG) and Dollar Tree (DLTR) reported earnings.
The two discount retailers reported better-than-expected earnings as they have attracted higher-income shoppers, but their stocks diverged due to differences in outlooks..
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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