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Tech stocks lead Wall Street after Nvidia, Salesforce and others say AI is creating big growth
AP News • • business
Key Points:
- Technology stocks led Wall Street gains, with the S&P 500 rising 0.7% and the Nasdaq climbing 1.6%, driven by strong quarterly results and optimistic forecasts from Nvidia and Salesforce.
- Nvidia's stock surged 8.7% after exceeding profit and revenue expectations and projecting robust future revenue growth, signaling sustained demand for AI-related chips.
- Salesforce's shares jumped 22.6% following a record quarter boosted by AI integration, along with an upgraded revenue forecast and a new partnership involving AI chatbot technology.
- Despite some positive earnings, other sectors showed mixed results, with retailers like Best Buy falling due to concerns over consumer spending amid inflation, while dollar stores showed potential gains.
- Treasury yields rose slightly on signs of a solid US job market, while oil prices increased amid geopolitical tensions, contributing to ongoing inflation concerns affecting markets globally.
