Tech Stocks Fuel Market Rally as Nvidia Surges 8% on Blowout Earnings

The stock market saw significant gains on August 27, led by tech stocks. The Nasdaq Composite surged 1.57% to 26,541, while the S&P 500 gained 0.71% to 7,730.

Nvidia was a major contributor to the rally, with its shares increasing 8% after releasing blowout earnings. The company reported sales and EPS growth of 106% and 128%, respectively, exceeding expectations for the 13th consecutive quarter.

Other tech firms also saw significant gains, including Salesforce, which rose 23% following a partnership announcement with Anthropic to launch Claudeforce. CrowdStrike and Veeva Systems also reported strong earnings.

Hormel Foods was the biggest loser among the three major U.S. indexes, declining 10% after missing earnings expectations.