Nvidia Surges 7% as Tech Stocks See Mixed Results
The US stock market saw mixed results on Thursday, with the Dow Jones Industrial Average edging down by just 0.02% to 53,453.38, while the S&P 500 advanced 0.42% to 7,707.78 and the Nasdaq Composite rose 1.01% to 26,395.00.
Nvidia shares surged more than 7% after beating analyst expectations with strong revenue growth ahead, while Salesforce saw its stock price climb double-digits following better-than-forecast Q2 revenues, and Okta's share price skyrocketed on booming demand linked to agentic AI.
Other notable earnings announcements included Best Buy posting better-than-expected second-quarter results and raising its full-year guidance, although its shares fell sharply due to concerns over rising computer prices, and Dollar General beating quarterly sales estimates as lower-priced essentials drove consumers to its stores during a time of economic uncertainty and tariff refunds provided an earnings boost.
On the macro front, Americans filed for unemployment benefits at a slower pace in the week ended August 22, with initial jobless claims dropping by 4,000 to 203,000, below market expectations of a rise to 208,000. Continuing claims fell by 18,000 to 1.778m, also below estimates.