Nasdaq jumps 1.57%! Nvidia and chip stocks boost the market. Investors watch for Warsh's interest rate signals at Jackson Hole.
U.S. stock markets rose on Thursday, boosted by gains in Nvidia and semiconductor stocks after the companies released strong revenue projections. Investors are also watching for a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole summit on Friday to assess the direction of interest rates and inflation. Oil prices recovered amid concerns that U.S.-Iran negotiations have stalled, while gold and the dollar traded in a narrow range.
US stock markets surged, with Nvidia shares and chip stocks boosting the Nasdaq.
U.S. stock markets closed higher on Thursday (August 28, 2569), with the Nasdaq Composite index surging after investors reacted positively to Nvidia's earnings and revenue outlook, boosting investment sentiment in technology and semiconductor stocks.
Nvidia shares jumped 8.7% after reporting better-than-expected earnings and strong revenue growth forecasts. Revenue in the second quarter of the fiscal year more than doubled, while analysts now project Nvidia's revenue could grow by up to 70% in fiscal year 2028, exceeding their previous forecast of 44%.
Broadcom shares rose 4.5%, Intel gained 4%, and SK Hynix shares climbed 2%. The VanEck Semiconductor ETF (SMH) climbed 3%. Salesforce also surged more than 22% after its second-quarter revenue exceeded Wall Street expectations, while Okta and CrowdStrike jumped over 28% and 20.5%, respectively.
Investors continue to watch closely for a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole conference on Friday. The market is seeking to assess the new Fed chairman's views on inflation, interest rates, and the role of the bond market. Meanwhile, the FedWatch Tool estimates a 64% chance that the Fed will keep interest rates unchanged at next month's meeting.
- Dow Jones Industrial Average Closed at 53,569.44 points, up 105.56 points (+0.20%)
- S&P 500 Index Closed at 7,730.99 points, up 55.29 points (+0.72%)
- Nasdaq Composite Index Closed at 26,541.352 points, up 411.155 points (+1.57%)
European stock markets were volatile, with the STOXX 600 and CAC 40 closing lower.
European stock markets closed lower on Thursday , pressured by uncertainty about the economic outlook and monetary policy. Investors also continued to monitor geopolitical developments and global market movements.
- STOXX 600 Index Closed at 651.85 points, down 4.56 points (-0.69%)
- DAX German stock market index Closed at 26,367.24 points, up 81.28 points (+0.31%)
- CAC 40 Index of the French stock market Closed at 8,319.87 points, down 142.52 points (-1.68%)
The UK stock market fell as investors wary of global market uncertainty.
The London stock market closed lower on Thursday, amid selling pressure in some European markets, as investors continued to assess the direction of the global economy and the monetary policies of major central banks, particularly the signals from the Fed at Jackson Hole.
- FTSE 100 Index UK Stock Market Closed at 10,792.54 points, down 85.58 points (-0.79%)
Oil prices jumped more than 2% after the US confirmed there would be no negotiations with Iran.
Global oil prices rose on Thursday after the White House confirmed that the United States had not yet opened negotiations with Iran, despite efforts from several countries to push for diplomatic talks. This dampened hopes of a resumption of oil flows from the Middle East.
Brent crude oil prices recovered after three consecutive days of declines as investors reassessed supply risks following limited progress in US-Iran negotiations and restricted shipping through the Strait of Hormuz.
The White House stated that "there are currently no negotiations" between the United States and Iran, reiterating that all US options remain on the table, as the Qatari Prime Minister visited Tehran in an attempt to push for diplomatic talks.
The Strait of Hormuz, a vital route for energy exports from the Persian Gulf, used to handle roughly one-fifth of the world's daily oil and liquefied natural gas shipments before the conflict. According to Kpler data, 10 cargo ships passed through the strait on Wednesday, an increase from recent lows but still below the 10-day average of 15 ships.
Meanwhile, the U.S. Energy Information Administration (EIA) reported that U.S. crude oil stockpiles increased, including oil at the Cushing delivery hub in Oklahoma, a factor that helped limit further increases in oil prices.
- WTI crude oil price (October delivery) It closed at $83.66 per barrel, up 1.7%.
- Brent crude oil price (October delivery) It closed at $89.79 per barrel, up 2.2%.
Gold prices edged higher as investors watched for signals from Warsh regarding interest rates.
Global gold prices edged slightly higher on Thursday as investors awaited a speech by Federal Reserve Chair Kevin Warsh at the Jackson Hole conference on Friday to assess inflation prospects and the direction of U.S. monetary policy.
Gold prices rose after falling 1.4% on Wednesday, their biggest daily drop in a week. This came shortly after gold prices hit their highest level since mid-May.
Recent buying interest in gold has been driven by concerns about a weakening dollar after the U.S. government increased its repurchase of long-term government bonds. Investors also view demand for gold from ETFs and central banks worldwide as a supporting factor for prices.
Regarding US inflation data released on Wednesday, the Personal Consumption Expenditures (PCE) price index rose 3.7% over the 12 months to July, higher than economists' expectations of 3.6%. Meanwhile, the CME FedWatch Tool estimated the probability of the Fed raising interest rates at its September meeting had decreased to 34%, but the probability of a hike by December remained at 74%.
- Spot Gold Price At $4,609.97/ounce, up 0.4%.
- Gold price on Comex market (December delivery) At $4,664.40/ounce, up 0.2%.
The dollar remained stable as investors awaited signals from Jackson Hole.
The dollar was relatively stable on Thursday following mixed U.S. economic data, as market attention shifted to a speech by Fed chairman Kevin Warsh at the Jackson Hole convention on Friday.
Investors are awaiting signals on how the Fed will assess inflation trends and interest rates, especially during a period of high U.S. government bond yields. This could help tighten monetary policy without relying solely on interest rate hikes.
Recent economic data shows that the number of initial jobless claims in the United States fell for the second consecutive week, to 203,000, lower than economists' forecasts of 208,000, reflecting continued stability in the labor market.
The U.S. merchandise trade deficit in July increased to $118.8 billion from $101.4 billion in June, reaching its highest level since March 2025.
- Dollar Index It stands at 99.17 points, up 0.01%.
- Euro/Dollar It closed at $1.1647, unchanged from the previous day.
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