Nasdaq Leads Market Rally as Nvidia Breaks Out and Software Stocks Surge
The Nasdaq led the market rally on Thursday, gaining 1.6%, while the S&P 500 rose 0.7% and the Dow Jones Industrial Average advanced 0.2%. Nvidia was a standout performer, jumping 8.7% to $227.98 after breaking out above its cup-with-handle buy point of $227.92.
Software stocks also delivered strong gains, with CrowdStrike, Salesforce.com, and Okta each gapping up more than 20% following their quarterly results. Other software names, including ServiceNow, Palantir Technologies, JFrog, Dynatrace, Fortinet, Twilio, and Microsoft, all flashed buy signals or triggered early entries or breakouts.
The iShares Expanded Tech-Software Sector ETF (IGV) surged 7.7%, reflecting the sector's strong performance. However, outside of Nvidia and software stocks, market breadth was mediocre, with many chip stocks slashing initial gains or reversing lower around key technical levels.