Nvidia Leads Tech Rally as US Stocks Surge on Strong Earnings

The US stock market saw significant gains on August 27, led by tech strength and chipmaker Nvidia's impressive earnings report. The Nasdaq Composite jumped 1.57% to 26,541, while the S&P 500 advanced 0.71% to 7,730. In contrast, the Dow Jones Industrial Average rose a more modest 0.20% to 53,569.

Nvidia's shares soared 8% following its blowout earnings report, which saw sales and EPS up 106% and 128%, respectively. The company's data center unit grew sales by 117%, helping Nvidia top its own guidance for the 13th straight quarter.

Another tech giant, Salesforce, also delivered excellent earnings, with shares climbing 23%. The company outpaced Wall Street's expectations and guided to 11%-12% sales growth this year. Additionally, it announced a partnership with Anthropic to launch Claudeforce, which CEO Marc Benioff described as 'a dynamic interface that thinks, reasons, and acts.'