U.S. stocks closed higher Thursday, led by a strong technology rally after Nvidia’s earnings and outlook reinforced confidence in continued artificial-intelligence spending. Nvidia’s results, along with strong earnings reactions in Salesforce and other technology names especially in the cybersecurity space, were the session’s dominant catalyst.
The Dow Jones Industrial Average gained 106 points to 53,569, while the S&P 500 rose 0.72% to 7,731 and the NASDAQ Composite climbed 1.57% to 26,541. The technology sector provided most of the market’s strength, while participation beneath the headline indexes was less broad considering all other sectors ended the day in the red.
Treasury yields finished modestly higher as investors balanced resilient equity sentiment against lingering inflation concerns and the approaching Jackson Hole policy address. The 5-year Treasury yield rose about 2 basis points to 4.4%. The 10-year yield rose 1 basis point to 4.68%.
Weekly jobless claims came in roughly as expected, signaling that the labor market is still holding up well. Meanwhile, the talks today from the Federal Reserve official Hammack and Daly demonstrated opposing opinions on current monetary policy, showcasing the tension between members at the Federal Reserve when it comes to managing inflation and employment.
Investors are now focused on Federal Reserve Chair Kevin Warsh’s Jackson Hole remarks tomorrow, which could shape expectations for inflation, interest rates, and the path of monetary policy. Adams Wealth Advisors will be back tomorrow and summarize this week’s market actions.