US stocks rise on strong Nvidia earnings

The New York Stock Exchange closed higher as Nvidia’s strong earnings report boosted the markets.

The Dow Jones Industrial Average earned 0.2%, or 105.56 points, to close at 53,569.44.

The S&P 500 increased 0.72%, or 56.29 points, to finish at 7,730.99, while the Nasdaq Composite rose 0.57%, or 411.16 points, to end the day at 26,541.35.

The Volatility Index (VIX), often referred to as the market’s “fear index,” declined 4.67% to 14.5.

Nvidia’s shares gained nearly 9% after the company reported earnings and revenue that exceeded expectations.

Nvidia’s better-than-expected financial results boosted optimism regarding the sustainability of the AI theme and renewed investors’ confidence in technology companies.

Salesforce’s shares also rose 22.6% after the company raised its annual revenue and profit forecasts in its earnings report released yesterday.

Shares of cybersecurity software provider CrowdStrike also rose 20.5% after the company reported earnings and revenue that exceeded expectations.

Following the release of Nvidia’s financial results, investors’ attention shifted to the speech that Fed Chairman Kevin Warsh is set to deliver at the Jackson Hole Economic Policy Symposium.

Analysts expect Warsh’s speech on Friday to offer clues regarding the Fed’s stance on the latest inflation data and the US Treasury Department’s efforts to rein in bond yields.

European markets

European stocks saw mostly negative figures on Thursday, excluding Germany. The pan-European Stoxx Europe 600 index declined by 0.69% to close at 651.85 points.

The UK’s FTSE 100 lost 0.79% to 10,792.54, while France’s CAC 40 went down 1.68% to 8,319.87.

Italy’s FTSE MIB 30 decreased 1.17% to 52,265.12 points, and Spain’s IBEX 35 fell by 0.93% to 19,881.60 points.

Germany’s DAX 40 rose 0.31% to 26,367.24 points.