The S&P 500 climbed on Thursday as Nvidia's bullish revenue forecast lifted technology stocks, even as uncertainty over the Strait of Hormuz pushed oil prices higher. Treasury yields eased ahead of Federal Reserve Chair Kevin Warsh's Friday speech at Jackson Hole.
Nvidia forecast drives tech higher
Technology stocks led Wall Street higher after Nvidia forecast roughly 70% revenue growth for the fiscal year ending January 2028. The S&P 500's technology sector was the only gainer among the benchmark's 11 major sectors on the day.
At 11:18 a.m. ET the S&P 500 rose 52.19 points, or 0.68%, to 7,727.72. The Dow Jones Industrial Average added 221.84 points, or 0.41%, to 53,684.43, while the Nasdaq Composite climbed 356.12 points, or 1.36%, to 26,486.31.
Matt Miskin, co-chief investment strategist at Manulife John Hancock Investments, described the earnings season as one of the best in corporate American history. According to Reuters: "AI fundamentals are still scorching hot."
Oil volatility tempers the mood
However, Miskin said investors remain concerned about oil-price volatility as traders weighed a lack of progress in the Middle East, with Washington confirming it was not currently in talks with Tehran. Brent crude rose 1.15% to $88.85 a barrel, while U.S. crude added 0.13% to $82.37.
Miskin said the supply dynamics remain unclear and that the resulting volatility is drawing the Treasury market's attention.
Yields ease before Warsh speech
Treasury yields slipped as traders turned their focus to Warsh's appearance at the Jackson Hole Symposium on Friday for clues on interest rate policy. The yield on benchmark 10-year notes fell 0.76 basis points to 4.656%, from 4.664% a day earlier, while the 2-year note yield fell 0.64 basis points to 4.218%.
The dollar was little changed after weekly initial jobless claims fell for a second straight week. Elsewhere, MSCI's gauge of global equities rose 0.38% to 1,154.25, while the pan-European STOXX 600 fell 0.74% amid growing concerns over France's political outlook.
Source: Reuters
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