Nvidia's earnings beat pushed the Nasdaq up while ten other S&P 500 sectors fell, as investors braced for Fed Chair Kevin Warsh's Jackson Hole speech on Friday. Tech's advance stood out against weakness across the rest of the index.
Nvidia's earnings lift the Nasdaq
The Nasdaq climbed 1.6% on Thursday, driven almost entirely by chipmaker Nvidia's latest results. The S&P 500 added 0.7%, even though only one of its sectors rose while ten fell.
That one sector was tech, which jumped 3.4% while healthcare and consumer sectors each slipped about 1%.
Nvidia shares rose 9% after the company forecast 70% sales growth for next year, signaling continued AI spending. Software names rallied alongside it: Salesforce gained 23% and CrowdStrike rose 20%.
Not every stock joined the advance. Moderna fell 5% and Best Buy dropped 4%, underscoring how narrow Thursday's gains were.
Attention turns to Warsh's Jackson Hole address
Investors are now focused on Fed Chair Kevin Warsh, who delivers his keynote address at the Kansas City Fed's Jackson Hole symposium on Friday. According to Reuters: "There's a chance he will disappoint expectations" by discussing broader Fed operational changes rather than a clear stance on inflation.
His press conference after the July FOMC meeting, where he equivocated over the Fed's 2% inflation goal, was seen as a setback for his credibility. Markets are looking for a clearer signal this time, as Treasury yields stayed little-changed and a seven-year U.S. bond auction drew a lukewarm response ahead of the speech.
Source: Investing.com
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