U.S. equity benchmarks advanced on Thursday, led by the technology-heavy Nasdaq 100, as strong earnings and outlooks from major chip and software firms outweighed caution ahead of a key Federal Reserve symposium.
The Nasdaq 100 rose 1.00% to 29,518 points by mid-afternoon, reclaiming its 50-day moving average, a widely watched trend indicator. The S&P 500 gained 0.46% to 7,711, while the Dow Jones Industrial Average edged up just 0.07% to 53,500. Market participants remained on edge ahead of the annual Jackson Hole Economic Policy Symposium, where Federal Reserve Chair Kevin Warsh is scheduled to deliver remarks on Friday. Analysts noted that the timing of the event amplifies its potential market impact, particularly given recent inflation data.
Nvidia led gains in the Nasdaq 100, surging 7.3% after reporting a more than twofold increase in quarterly revenue and net income, driven by sustained demand for artificial intelligence hardware. The company also raised its outlook for the current quarter. Shares of Intel rose 4.5% and Arm Holdings gained 3%, following the Nvidia rally. The chip sector’s momentum extended to Micron, which added roughly 3.5%.
Software stocks rebounded sharply, with Salesforce climbing 21% after lifting its full-year guidance and CrowdStrike gaining nearly 18% on strong quarterly results. ServiceNow rose 9.2%, and Okta surged 22% following an upward revision to its outlook. The gains came despite earlier concerns over competitive pressure from AI-driven solutions.
In contrast, HP Inc. shares fell 6% after its quarterly outlook missed expectations, excluding potential U.S. tariff refunds. Moderna dropped 4.2% to $143.31 following the announcement of a $2 billion convertible bond offering. The stock had surged to $176.66 just a week prior after Moderna and partner Merck & Co. reported positive trial results for a melanoma vaccine.
The Swiss Market Index (SMI) declined 1.2%, pressured by heavyweight components, while the Swiss franc strengthened against major currencies. Oil prices rose modestly, with Brent crude for October delivery trading near $88.60 per barrel, up nearly 1% on the day. The gains followed earlier pressure and remained within a narrow range.
In corporate news, Deutsche Telekom shares fell 3.3% in the DAX after a report suggested the company could face a potential multibillion-dollar lawsuit in the U.S. related to its 2018 merger of T-Mobile US and Sprint. Plaintiffs allege the German telecom secured control of T-Mobile US at the expense of minority shareholders, seeking damages of up to $10.1 billion plus interest. The company declined to comment, and a trader described the report as an additional headwind after recent analyst downgrades.
