The Nasdaq 100 advanced 1.11% to 29,548 points on Thursday, reclaiming its 50-day moving average as a broad rally in technology shares gathered pace. The S&P 500 rose 0.71% to 7,730, while the Dow Jones Industrial Average added 0.29% to 53,619.
Nvidia led the gains, surging 8.9% after the chipmaker delivered a strong outlook tied to sustained demand for AI computing power. The company reported quarterly revenue and net income more than doubling year-over-year, and executives maintained an optimistic outlook for continued growth. The rally extended to other semiconductor stocks, with Intel gaining 2.8% and NXP up 1.2%.
Software providers also contributed to the advance. Salesforce shares jumped 22% following better-than-expected quarterly results, while Crowdstrike surged 19% on raised full-year guidance. ServiceNow, another cloud services firm, climbed 9% after lifting its outlook, and Okta rose 29% after revising its annual forecast upward.
Not all technology stocks participated in the advance. HP Inc fell 4.6% after its quarterly outlook missed expectations, excluding a refund of U.S. tariffs. Moderna dropped 4.6% to $142.78, despite earlier gains to $176.66 following positive data on a melanoma vaccine developed with Merck & Co. The company also announced plans to issue a $2 billion convertible bond.
Investor focus remained on the upcoming Federal Reserve symposium in Jackson Hole, where remarks by Fed Governor Kevin Warsh on Friday were expected to carry significant weight. Recent inflation data, including the PCE deflator, had exceeded the Fed’s 2% target, adding to the importance of the event.
