01 Stock Market
The U.S. major indexes closed as follows: Dow Jones up 0.20% at 53,569.44; S&P 500 up 0.72% at 7,730.99; NASDAQ up 1.57% at 26,541.35. Investors cheered another burst of enthusiasm for artificial-intelligence hardware and software, helping equities notch a second straight gain despite lingering macro-economic uncertainties.
Semiconductors and big-cap tech dominated the session’s unusual moves. NVIDIA (NVDA) up 8.74% at $227.98 paced the rally after upbeat demand signals, while leveraged chip fund Direxion Daily Semiconductors Bull 3x Shares (SOXL) up 5.53% at $123.05 amplified the strength. Software titan Salesforce.com (CRM) up 22.58% at $252.05 and cybersecurity leader CrowdStrike (CRWD) up 20.50% at $227.96 rocketed on robust outlooks. Other notable climbers included Intel (INTC) up 4.36% at $92.09, Palantir Technologies (PLTR) up 4.75% at $185.93, Microsoft (MSFT) up 1.75% at $505.06, and Tesla (TSLA) up 2.60% at $354.81. On the downside, Marvell Technology (MRVL) fell 1.49% to $241.45 and Advanced Micro Devices (AMD) declined 0.89% to $476.67 after mixed guidance, while Alphabet (GOOG) declined 0.41% to $337.71.
Momentum favored growth themes, particularly AI, chips and cloud software. Surging demand for data-center silicon, optimism around cybersecurity spending and upbeat guidance from several retailers countered pockets of weakness in consumer discretionary names. The breadth of gains across technology, from hardware to enterprise applications, helped sustain risk appetite even as investors brace for imminent policy signals from the Federal Reserve’s Jackson Hole gathering.
02 Other Markets
U.S. 10-year Treasury yield rose by 0.00%, latest at 4.67%. USD/CNH fell 0.0958%, at 6.78; USD/HKD was flat at 7.84. U.S. Dollar Index fell 0.0081%, at 99.12. WTI crude futures rose 0.07%, at 83.59 USD/bbl; COMEX gold futures rose 0.01%, at 4,664.30 USD/oz.
03 Top News
1. Marvell Technology posted hotter revenue guidance but saw its stock retreat on margin worries. The chipmaker projected third-quarter sales of about $3.15 billion, exceeding analyst estimates. Investors focused on concerns that growth may not match lofty AI expectations, sending shares lower after hours.
2. Federal Reserve Chair Kevin Warsh faces pressure to clarify his inflation-fighting roadmap at the upcoming Jackson Hole symposium. Market participants and major asset managers say clearer criteria for future rate moves are needed to preserve policy credibility. Warsh has so far favored limited forward guidance, keeping investors on edge.
3. OpenAI’s Sam Altman and NVIDIA’s Jensen Huang will headline a forthcoming G20 technology ministers meeting in Raleigh. Officials plan to debate artificial-intelligence and emerging-tech policies ahead of December’s leaders summit. SpaceX’s Elon Musk and Meta executive Dina Powell McCormick will join remotely, underscoring growing global focus on AI governance.
4. Moderna launched a $2 billion convertible senior notes offering to fund oncology expansion and corporate needs. The unsecured 2032 notes include an option for an additional $300 million, potentially raising $2.3 billion in total. Shares slipped more than 5% as investors assessed dilution risks.
5. Best Buy lifted its full-year revenue and earnings outlook, banking on an AI-driven device upgrade cycle. The electronics retailer now sees sales of up to $42.8 billion and adjusted EPS as high as $6.90. Shares, up roughly 30% year-to-date, traded lower in volatile pre-market action as investors weighed consumer-demand signals.
6. Dollar General raised its annual comparable-sales forecast amid resilient demand for low-priced essentials. Same-store sales are now expected to grow 2.5%-2.9%, versus the prior 2.2%-2.7% range. Customer traffic and average transaction values both improved, boosting the stock about 9% in early trade.
7. Dollar Tree beat quarterly revenue expectations and upgraded profit guidance, aided by tariff-refund benefits. Second-quarter sales rose 7% to $4.89 billion, yet shares dipped as management maintained its full-year sales outlook. Investors weighed margin prospects against cautious consumer trends.
8. U.S. initial jobless claims fell to 203,000, while the goods trade deficit widened to $118.8 billion. The sustained low level of layoffs signals a sturdy labor market that could keep the Federal Reserve focused on taming inflation. Rising imports outpacing exports drove the larger trade gap.
9. Salesforce boosted its annual revenue and profit targets and unveiled a new AI plug-in with Anthropic. Management cited accelerating demand for data-driven CRM solutions, helping dispel concerns about competitive disruption. The upbeat outlook propelled shares sharply higher.
10. CrowdStrike lifted its full-year revenue forecast after strong cloud-security demand powered a robust quarter. The company’s platform adoption continues to expand as enterprises prioritize cyber resilience. Investor enthusiasm drove the stock’s double-digit percentage gain.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data Disclaimer: This content is for reference only and does not constitute investment advice.
