4:20pm: AI stocks roar back
Wall Street closed sharply higher Thursday as Nvidia’s blockbuster earnings helped revive enthusiasm around artificial intelligence and sparked a broad rebound across technology and software stocks.
The Nasdaq led the way, jumping 411 points, or 1.6%, to 26,541. The S&P 500 gained 55 points, or 0.7%, to 7,731, while the Dow Jones Industrial Average added 106 points, or 0.2%, to finish at 53,569.
Nvidia was the clear catalyst, surging 8.7% after its earnings and outlook reassured investors that demand for AI infrastructure remains strong. Salesforce added nearly 23%, helping fuel a major comeback in software stocks as investors reassessed concerns that AI could disrupt traditional software business models. The S&P Technology Select Sector Index rose 3.2% on the day.
The rally was especially notable because technology did most of the heavy lifting, with Nvidia and Salesforce helping push the major indexes higher while the broader market remained more mixed. Still, the strength in AI-related stocks gave Wall Street a welcome boost after recent concerns about valuations and the durability of the technology boom.
Attention now shifts to another busy round of earnings, with results due from Marvell, Gap, Workday, Autodesk, SentinelOne and Ulta Beauty.
Investors will also be watching the Federal Reserve’s Jackson Hole Symposium, with Chair Warsh scheduled to speak Friday. His comments could offer fresh clues on the outlook for inflation, interest rates and the broader economy.
3:40pm: Small cap wrap
- Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) delivered its best quarter yet, with adjusted EBITDA surging 300% year over year to US$25.1 million as revenue more than doubled and production growth was driven by its Colombian operations.
- Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) strengthened its financial position with US$15.5 million in cash, no debt and additional funding sources as it prepares for drilling and seismic catalysts across its Atlantic Margin assets.
- Nine Mile Metals Ltd. (CSE:NINE, OTCID:VMSXF, FRA:KQ9) reported a 31.95-metre massive sulphide intersection grading 2.52% copper equivalent at its Wedge Mine in New Brunswick, including significant copper, lead, zinc, silver and gold mineralization.
- Dune Oil Corp (CSE:DUNE, OTCQB:TRLEF, FRA:Z620) strengthened its leadership team by appointing Neil Maedel to its board, Jordan Coleman as chief operating officer and President Scott Lower as chief executive officer.
- Snail Inc (NASDAQ:SNAL) unveiled two new AAA titles expanding its Age of Wushu franchise at Gamescom 2026, while also showcasing a new trailer and hands-on demos for its internally developed game For The Stars.
- EnWave Corp (TSX-V:ENW, OTC:NWVCF, FRA:E4U) is winding down its REVworx co-manufacturing operations in a restructuring expected to reduce annual operating costs by about $1 million and improve profitability as its drying technology matures.
2:30pm: Market movers
- Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) topped second-quarter expectations with revenue of $96.2 billion and adjusted earnings per share of $2.22, while forecasting third-quarter revenue above Wall Street estimates amid continued strong demand for AI chips.
- Salesforce Inc (NYSE:CRM, XETRA:FOO) topped Wall Street expectations with its fiscal second-quarter results and raised its full-year guidance, sending shares sharply higher despite revenue coming in roughly in line with estimates at $11.3 billion.
- Canadian Imperial Bank of Commerce (CIBC) (TSX:CM) beat third-quarter profit estimates as strong capital markets and domestic retail banking performance lifted earnings to $2.41 billion, despite a $232 million after-tax charge related to the sale of CIBC Caribbean.
- Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) delivered its best quarter yet, with adjusted EBITDA surging 300% year over year to US$25.1 million as revenue more than doubled and production growth was driven by its Colombian operations.
- Nine Mile Metals Ltd. (CSE:NINE, OTCID:VMSXF, FRA:KQ9) reported a 31.95-metre massive sulphide intersection grading 2.52% copper equivalent at its Wedge Mine in New Brunswick, including copper, lead, zinc, silver and gold mineralization.
- Best Buy Co Inc (NYSE:BBY) raised its annual sales and profit forecast after second-quarter revenue and earnings exceeded Wall Street expectations, although shares fell 5%.
- Burlington Stores Inc. (NYSE:BURL) beat Wall Street profit estimates with adjusted earnings of $2.37 per share, but its shares declined after the company issued a weaker-than-expected outlook for the current quarter.
- Dollar General Corp (NYSE:DG) saw shares jump more than 6% after second-quarter earnings and sales beat expectations, prompting the discount retailer to raise its full-year guidance.
- Dollar Tree, Inc. (NASDAQ:DLTR) beat Wall Street estimates for second-quarter revenue and earnings, with net sales rising 7% year over year to $4.9 billion as the company also raised its full-year adjusted earnings outlook.
- Okta Inc (NASDAQ:OKTA) reported fiscal second-quarter revenue and adjusted earnings above Wall Street expectations and raised its outlook, with shares opening 18% higher.
1:10pm: Salesforce eases worries
Salesforce shares were flying into Thursday afternoon, up nearly 22% after a blockbuster quarter.
The company eased investor worries about a second-half growth slowdown after posting its first current remaining performance obligations (CRPO) beat in three quarters, according to a Jefferies note.
CRPO grew 14% in constant currency, above the 13% guide and marking an acceleration following two consecutive quarters at 13%. The company's fiscal third-quarter guide also came in ahead of expectations at 14% versus the Street's 13% estimate, Jefferies said.
The firm noted that recent acquisitions of Contentful and Fin could provide additional upside to CRPO going forward.
Jefferies also pointed to improving sentiment around the company, citing sales executives rejoining Salesforce from AI labs and upcoming innovation and customer announcements expected at the Dreamforce conference.
11:05am: AI capex in 'full steam'
“NVIDIA’s results imply the AI capital expenditure cycle is not slowing but, in Huang’s words, continues at ‘full steam,’” according to Adam Turnquist, chief technical strategist at LPL Financial.
Turnquist noted that Huang said growth could be closer to 100% if supply constraints were not limiting demand, reinforcing the demand for the AI investment cycle and broadens beyond major hyperscalers.
“Importantly, supply constraints, rather than weakening demand, remain the primary bottleneck,” Turnquist added.
10:00am: Nvidia, Salesforce lift stocks
Wall Street opened mixed on Thursday, with technology stocks leading the way higher after blockbuster earnings from Nvidia and Salesforce gave investors fresh confidence in the AI trade.
The Nasdaq jumped 280 points, or 1.1%, to 26,410, while the S&P 500 gained 31 points, or 0.4%, to 7,706. The Dow Jones, however, slipped 46 points, or 0.1%, to 53,418.
Nvidia was the standout, with shares climbing 7.5% after the chip giant forecast third-quarter revenue above Wall Street expectations, extending its remarkable run of growth driven by seemingly insatiable demand for AI chips.
Salesforce was also surging, up more than 20% after delivering a strong fiscal second-quarter earnings beat and raising its full-year guidance. The results were helped by accelerating adoption of its AI products and an expanded partnership with Anthropic.
CrowdStrike joined the rally, with shares climbing after the cybersecurity company reported a record-breaking quarter.
Not every earnings report was a winner, though. HP shares moved lower after the company reported higher revenue but declining PC unit sales, while warning that memory costs remain a challenge.
Investors are also turning their attention to the Kansas City Fed’s annual Jackson Hole symposium, which gets underway Thursday. Fed Chairman Kevin Warsh is scheduled to deliver a closely watched keynote speech on Friday, potentially giving markets fresh clues about the outlook for interest rates and the economy.
Ahead of the bell
Wall Street is heading for a split open on Thursday, with Nvidia’s bumper earnings giving technology stocks another shot of momentum.
Dow futures were effectively flat, down around 15 points at 53,506, while the S&P 500 was indicated 35 points, or 0.4%, higher at 7,725. The Nasdaq was shaping up for the strongest start, climbing 288 points, or 1%, as investors piled back into the AI trade.
Nvidia shares jumped $13.74, or 6.55%, to $223.18 in pre-market trading after the chipmaker delivered another heavyweight set of numbers following Wednesday’s close.
“Much of this week’s attention has been on Nvidia’s earnings, and the chipmaker delivered the sort of numbers of investors had been hoping for,” said Fawad Razaqzada, market analyst at FOREX.com.
“Some investors had begun to question whether the AI trade was running out of steam, but for now at least Nvidia’s results has offered some welcome reassurance.”
With Nvidia now largely out of the way, attention will increasingly turn to Jackson Hole, where central bankers, policymakers and economists have gathered for the annual symposium. Federal Reserve chair Kevin Warsh is among the headline speakers, putting the outlook for US monetary policy firmly back on the market agenda.