\n<\/p>\n
Tech Stocks Rally on Wall Street Fueled by Strong Earnings Reports<\/strong><\/p>\n NEW YORK (AP) \u2014 On Thursday, Wall Street was lifted by a surge in technology stocks, following impressive earnings announcements from companies like Nvidia and Salesforce that exceeded analysts’ expectations.<\/em><\/p>\n The S&P 500 index rose by 0.4%, moving closer to its all-time high achieved earlier this month. However, the Dow Jones Industrial Average saw a slight dip, falling by 29 points, or 0.1%, as of 9:35 a.m. Eastern Time. Meanwhile, the Nasdaq composite experienced a notable increase, climbing by 1.1%.<\/p>\n Nvidia played a pivotal role in driving market gains, even as more stocks within the S&P 500 fell than rose. The tech giant’s shares jumped by 7.6% after reporting robust profit and revenue figures for the last quarter. More importantly, Nvidia provided optimistic forecasts for future revenue growth, highlighting the growing demand for chips essential for artificial intelligence projects.<\/p>\n \u201cAI has reached its inflection point,\u201d said Nvidia CEO Jensen Huang. \u201cIt\u2019s doing useful work. Its tokens are productive and profitable.\u201d<\/p>\n This news helped ease some concerns surrounding AI stocks, which had faced pressure recently. After a rapid rise spurred by excitement around AI, there was growing skepticism about whether the demand for AI chips would continue to grow or decline if profits did not meet high expectations.<\/p>\n Salesforce also made headlines, with its stock jumping 20.7% after announcing that AI had significantly contributed to one of its best quarterly performances ever. The company exceeded profit expectations, and CEO Marc Benioff noted the \u201cincredible demand for our AI and data products,\u201d emphasizing their success in utilizing AI for customer satisfaction on a large scale.<\/p>\n Salesforce, which specializes in customer data management, also revised its revenue forecast upwards for the year\u2014a positive shift as its stock had previously struggled due to fears that AI-driven competitors could potentially attract customers away from Salesforce and other software firms. Today\u2019s performance could mark the company\u2019s best day on the stock market in six years.<\/p>\n In contrast, other companies showed mixed results. HP\u2019s stock dropped by 6.7%, despite beating profit expectations for the last quarter. Analysts raised concerns about declining sales of personal computers and increased costs for computer memory and other commodities affecting profit margins.<\/p>\n Retailers like Best Buy also faced challenges, with shares dipping amid fears that high inflation might impact American shoppers’ spending. Despite outperforming expectations for profit and revenue, Best Buy’s stock fell by 4.2%.<\/p>\n Interestingly, dollar stores may benefit from the current inflation situation, attracting higher-income shoppers looking for budget-friendly options. Dollar General\u2019s stock rose by 6.5% after posting better-than-expected quarterly earnings. However, Dollar Tree’s stock fell by 2.2%, despite surpassing profit expectations, as its revenue forecast fell short of market predictions.<\/p>\n In the bond market, Treasury yields remained stable following a report indicating that the U.S. job market is holding up well. A decrease in unemployment benefit applications last week suggested that layoffs might be low. The yield on the 10-year Treasury stayed at 4.66%, matching late Wednesday’s rate.<\/p>\n Throughout the summer, yields have been rising due to concerns about persistent inflation, the growing U.S. national debt, and other factors. Last week, the U.S. Treasury Department made an unexpected announcement to intervene in the bond market, though experts predict the impact may be minimal.<\/p>\n Looking ahead, the bond market\u2019s attention will focus on a speech scheduled for Friday from Federal Reserve Chair Kevin Warsh. He has been cautious about providing clear signals on future interest rate decisions aimed at managing inflation, and the expectation for clarity from him is increasing.<\/p>\n Meanwhile, fluctuations in oil prices continue to be a wild card for inflation, with uncertainties surrounding the ongoing conflict with Iran affecting oil tanker routes in the Persian Gulf. The price of Brent crude, a global benchmark, rose by 1.1% on Thursday to $87.87, although it remains below the $102 mark it reached briefly last month.<\/p>\n Across the globe, stock markets presented mixed signals, as European and Asian indexes showed varied results. Stocks surged by 1.5% in Seoul and 1.1% in Shanghai, while the market in Paris declined by 1.7%. <\/p>\n This report includes contributions from AP Business Writers Chan Ho-him and Michelle Chapman.<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":" Tech Stocks Rally on Wall Street Fueled by Strong Earnings Reports NEW YORK (AP) \u2014 On Thursday, Wall Street was lifted by a surge in technology stocks, following impressive earnings announcements from companies like Nvidia and Salesforce that exceeded analysts’ expectations. 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