The Nasdaq 100 advanced 1.0% to 29,518 points on Thursday, reclaiming its 50-day moving average, as gains in Nvidia and other major technology shares offset mixed performances elsewhere. The S&P 500 rose 0.46% to 7,711, while the Dow Jones Industrial Average edged up 0.07% to 53,500.
Nvidia surged 7.3% after reporting quarterly revenue and net income more than doubled year-over-year, driven by sustained demand for AI computing power. The company also raised its near-term growth outlook, citing continued strength in data center and AI-related sales. Semiconductor peers Intel and Arm Holdings gained 4.5% and 3%, respectively, following the chip giant’s momentum.
Enterprise software names also rallied. Salesforce climbed 21% after posting better-than-expected quarterly results and lifting its annual guidance, while cybersecurity firm Crowdstrike surged nearly 18% on strong earnings and an upgraded outlook. ServiceNow rose 9.2%, and Okta gained over 22% after raising its full-year forecast.
Not all tech names participated in the advance. HP Inc fell 6% after its quarterly outlook missed expectations, excluding a retroactive U.S. tariff refund. Moderna dropped 4.2% to $143.31, despite earlier gains to $176.66 last week, after announcing a $2 billion convertible bond offering. The decline followed Moderna’s announcement of a successful melanoma vaccine study with partner Merck & Co.
Market focus remained on the upcoming Federal Reserve symposium in Jackson Hole, where remarks from Fed official Kevin Warsh on Friday could signal policy direction. The latest U.S. personal consumption expenditures price index, a key inflation gauge, rose above the Fed’s 2% target, keeping September rate hike odds in play but leaving the decision unresolved.
