Nvidia Fuels Tech Rally as Nasdaq Hits New High
The Nasdaq Composite index surged by 1.57% to 26,541 on August 27, while the S&P 500 advanced 0.71% to 7,730. The Dow Jones Industrial Average rose slightly at 0.20% to 53,569.
Nvidia's earnings report sent shockwaves through the market, with shares climbing an impressive 8%. The company's data center unit saw a significant increase in sales by 117%, far surpassing its own guidance for the thirteenth consecutive quarter.
Salesforce also delivered strong earnings, guiding to 11-12% sales growth this year. Its partnership with Anthropic to launch Claudeforce is seen as a major development in the tech world.
CrowdStrike and Veeva Systems also reported excellent earnings, alleviating concerns of an AI slowdown. However, Hormel Foods was the biggest loser among the three major U.S. indexes, declining 10% after missing its earnings estimates.