Tech Stocks Rally on Strong Earnings Reports from NVIDIA, Salesforce, Okta, and CrowdStrike
The US stock market saw a significant rise on Thursday, led by tech giants NVIDIA, Salesforce, Okta, and CrowdStrike. Their well-received quarterly results boosted investor sentiment, pushing investors into a 'risk-on' mood.
NVIDIA, the world's largest company and member of all three major indices, rose 8.7% after beating earnings and revenue expectations. Its forward guidance also impressed investors.
Other notable winners included enterprise software maker Salesforce (22.6% higher), cybersecurity firms Okta (28.6% up) and CrowdStrike (20.5% firmer). These gains had a ripple effect on other tech stocks, particularly those in the cybersecurity and software sectors.
The Nasdaq Composite Index (.IXIC.US) gained 411.16 points (1.6%) to close at 26,541.35, while the S&P 500 Index (.SPX.US) added 55.29 ticks (0.7%) to 7,730.99 and the Dow Jones Industrial Average (.DJI.US) improved by 105.56 points (0.2%) to 53,569.44.