Tech Stocks Surge as Nvidia Boosts Earnings
The US stock market saw a mixed performance on Thursday, with tech stocks leading the charge upwards. Nvidia's bumper earnings report and forecast of 70% sales growth next year sparked the rally, lifting the S&P 500 by 0.7% and the Nasdaq by 1.6%. The tech sector as a whole rose by 3.4%, with shares in Nvidia reaching their highest-ever close.
However, not all sectors fared well, with healthcare and consumer stocks falling by 1%. Moderna dropped 5% and Best Buy lost 4%. The dollar remained flat, but the Aussie dollar was the biggest climber among G10 currencies. Bitcoin surged back above $80,000.
The focus on Friday will be on the Federal Reserve's Jackson Hole symposium, where Fed Chair Kevin Warsh is set to deliver a keynote address. Investors are eagerly awaiting his views on inflation and how he plans to bring it down to target. A clear message on price stability would be a welcome development for markets.