U.S. stock futures rose after Nvidia reported fiscal second-quarter revenue of $92.22 billion, up 106% year-over-year, and forecast fiscal third-quarter sales of $108 billion, plus or minus 2%, lifting AI-related equities across the market.
The S&P 500 technology sector led gains, rising more than 3%, while the broader index added 0.7% to close at 7,728.57. The Nasdaq Composite advanced 1.6% to 26,541.35, and the Dow Jones Industrial Average edged up 0.2% to 53,568.55. Nvidia shares gained 8.7%, adding over $440 billion in market capitalization.
Nvidia’s data center segment sales surged 117% YoY to $89.02 billion, and the AI Cloud, Industrial & Enterprise segment grew 138% YoY. Finance chief Colette Kress noted the company’s fiscal 2028 revenue outlook of about 70% growth reflects supply constraints rather than weakening demand. CEO Jensen Huang said the firm remains confident in delivering 70% growth despite demand exceeding that level.
Salesforce shares jumped nearly 23% after the company reported a revenue and earnings beat, raised full-year guidance, and announced an expanded partnership with AI firm Anthropic to launch a plugin integrating internal data with Anthropic’s Claude model. CrowdStrike shares rose more than 20% following an upwardly revised full-year revenue outlook.
The iShares Expanded Tech-Software Sector ETF gained nearly 8%, marking its strongest session since April 9, 2025. Keith Lerner, chief investment officer at Truist, said Nvidia’s results underscore AI and technology as the primary drivers of the current bull market, though he cautioned that investor focus may shift toward macro risks such as inflation and Federal Reserve policy in the near term.
Separately, the U.S. core Personal Consumption Expenditures price index rose 0.2% month-over-month and 3.3% year-over-year in July, matching expectations and remaining above the Federal Reserve’s 2% target. Real GDP growth for the second quarter was confirmed at 1.5%. JPMorgan analysts noted the PCE data keeps a September rate hike in play but maintained a December hike forecast, citing the need for stronger August inflation and employment reports.
