Nvidia Rally Fades as Warsh's Hawkish Tone Sinks Stocks

Wall Street closed a volatile week mixed, caught between strong earnings reports and a hawkish speech from Federal Reserve Chair Kevin Warsh. Nvidia posted $96 billion in revenue for the quarter ending July 26, exceeding analyst forecasts and sending its shares up 8.74 percent.

The tech sector rallied, with Salesforce and CrowdStrike also topping expectations. However, not all chip stocks performed well, as Marvell fell close to 10 percent after missing earnings estimates. The iShares Semiconductor ETF dropped 2.67 percent in a single session.

Warsh's speech at the Jackson Hole Economic Symposium emphasized the Fed's commitment to controlling inflation, but did not offer specifics on further rate hikes. This weighed on investor mood, with higher yields hitting the most rate-sensitive corner of the market hardest.