Nvidia, Salesforce Fuel US Market Rally Amid Inflation Worries
The US stock market finished Thursday on a high note, boosted by strong earnings from technology giants Nvidia and Salesforce. The S&P 500 rose 0.7% to pull closer to its all-time high set earlier this month.
Nvidia was the standout performer, surging 8.7% after delivering stronger-than-expected profit and revenue for the latest quarter. Its CEO, Jensen Huang, said 'AI has reached its inflection point... it's doing useful work, its tokens are productive and profitable.'
Salesforce also had a strong day, jumping 22.6% as it reported one of its best quarters in history, thanks in part to the success of its AI-powered chatbot.
However, not all retailers were faring well, with Best Buy plummeting 4.4% despite beating earnings expectations due to concerns over high inflation and a sluggish economy.