Tech Sector Leads Gains as Nvidia Surpasses Expectations
The US stock market opened mixed on Thursday, with some sectors showing significant gains. The S&P 500 advanced 0.42% to 7,707.78, while the Dow Jones Industrial Average was down just 0.02% at 53,453.38. The Nasdaq Composite came out of the gate 1.01% firmer at 26,395.00.
The tech sector led the gains, with Nvidia shares climbing over 7% in early trading after beating analyst expectations and guiding for strong revenue growth ahead. Q2 revenues more than doubled year-on-year, topping forecasts by the widest margin in two years. Salesforce was also up double-digits after delivering Q2 revenues that came in ahead of Wall Street estimates.
Other sectors saw mixed results, with Best Buy posting better-than-expected second-quarter results but seeing its shares fall sharply due to concerns around rising computer prices. Dollar General beat quarterly sales estimates and raised its annual sales forecast, while the company's stock price rose 4.83% in early trading.
The Labor Department reported that initial jobless claims dropped by 4,000 to 203,000 in the week ended August 22, below market expectations of a rise to 208,000. Continuing claims fell by 18,000 to 1.778m, also below expectations.