Market Summary
Technology stocks carried the major averages to a broadly positive session on Thursday, though the headline gains masked significant weakness beneath the surface. The Nasdaq Composite surged 411.16 points (+1.57%) to 26,562.40, the S&P 500 climbed 55.29 points (+0.72%) to 7,730.99, and the DJIA added a more modest 105.56 points (+0.20%) to close at 53,569.44. All three major averages returned to positive territory for the week.
The rally was almost entirely a story of AI-driven earnings enthusiasm. NVIDIA’s (NVDA) blowout quarterly report — featuring revenue growth of more than 100% and an expanded AI infrastructure commitment to $279 billion from $119 billion — ignited semiconductor strength, while a wave of software earnings from Salesforce (CRM) and CrowdStrike (CRWD) sent the iShares Expanded Tech-Software Sector ETF up 7.7%. Information Technology (+3.4%) was the lone S&P 500 sector to finish higher.
The concentration of gains was stark: the S&P 500 Equal Weighted Index finished down 0.3% even as its cap-weighted counterpart rallied, and NYSE decliners (1,514) outpaced advancers (1,199). Defensive and consumer-facing sectors bore the brunt of rotation out of non-tech names, with Consumer Staples (-1.5%), Health Care (-1.1%), and Consumer Discretionary (-1.0%) among the laggards, pressured by earnings-driven declines in Hormel Foods, Moderna, Best Buy, and Burlington Stores. Attention now turns to Fed Chair Kevin Warsh’s keynote address at the Jackson Hole Symposium tomorrow.
Market Snapshot
| Index | Level | Change | % Change |
|—|—|—|—|
| Dow Jones Industrial Average | 53,569.44 | +105.56 | +0.20% |
| Nasdaq Composite | 26,562.40 | +411.16 | +1.57% |
| S&P 500 | 7,730.99 | +55.29 | +0.72% |
NYSE: Advancers 1,199 | Decliners 1,514 | Volume 1.03 bln
Nasdaq: Advancers 2,562 | Decliners 2,343 | Volume 7.49 bln
WaveFinder Breadth Metrics:
- Primary Sentiment: Very Bullish (Bulls 1,082 | Bears 643)
- 4% Sentiment: Bullish (Bulls 186 | Bears 71)
- 40-SMA Sentiment: Bearish
- Stocks Above 20-day SMA: 27%
- Stocks Above 40-day SMA: 47.5%
- 9-Month Bulls: 36 | Bears: 5 (Follow-Through: 25%)
YTD Performance: Russell 2000 +21.5% | S&P Mid Cap 400 +15.7% | Nasdaq Composite +14.2% | S&P 500 +12.9% | DJIA +11.5%
Sector Performance
Ranked from strongest to weakest per Briefing.com Industry Watch, with WaveFinder ATR (volatility) context noted where available:
1. Information Technology +3.4% — sole gaining sector; ATR -0.69% (falling, P68)
2. Energy -0.4% — narrowest loss among decliners on late oil spike; ATR 1.91% (falling, P47)
3. Financials — weak (no specific %); ATR 1.15% (rising, P47)
4. Materials — weak (no specific %); ATR 1.03% (flat, P21)
5. Industrials — weak (no specific %); ATR -0.67% (falling, P11)
6. Real Estate — weak (no specific %); ATR -1.04% (flat, P0)
7. Utilities — weak (no specific %); ATR -2.19% (falling, P5)
8. Consumer Discretionary -1.0% — pressured by BBY, BURL; ATR -0.39% (flat, P0)
9. Health Care -1.1% — MRNA weighed; ATR 3.04% (rising, P58)
10. Consumer Staples -1.5% — worst performer; ATR 0.31% (flat, P5)
11. Communication Services — not explicitly ranked in today’s commentary; ATR 2.51% (rising, P84)
Note: Specific percentage figures were not disclosed for Financials, Materials, Industrials, Real Estate, Utilities, or Communication Services in today’s Briefing.com commentary.
Key Earnings & Movers
Gainers:
- NVIDIA (NVDA) $227.91, +$18.25 (+8.70%) — blowout Q3 report, revenue growth >100%, raised AI infrastructure commitment to $279 bln from $119 bln, expanded AWS partnership
- Salesforce (CRM) $252.10, +$46.48 (+22.60%) — top S&P 500/DJIA performer on strong forward demand indicators and accelerating H2 revenue growth outlook
- CrowdStrike (CRWD) $227.96, +$38.78 (+20.50%) — major post-earnings winner
- Workday (WDAY) $193.57, +$2.82 (+1.48%) — reported after the close
Decliners:
- Hormel Foods (HRL) $21.28, -$2.44 (-10.27%) — worst S&P 500 performer post-earnings
- Burlington Stores (BURL) $289.89, -$24.10 (-7.68%) — mixed Q2, growing consumer caution
- Best Buy (BBY) $83.58, -$3.86 (-4.41%) — beat-and-raise failed to ease H2 growth concerns
- Moderna (MRNA) $142.77, -$6.89 (-4.60%) — continued pressure after prior week’s surge
- Marvell (MRVL) $241.45, -$3.66 (-1.49%) — volatile into after-hours report
Other notes: PHLX Semiconductor Index +2.3%; iShares Expanded Tech-Software Sector ETF +7.7%; State Street SPDR S&P Retail ETF -1.8%.
Stock Spotlight
NVIDIA (NVDA) — $227.91, +$18.25 (+8.70%)
NVIDIA once again proved the market’s most powerful catalyst, delivering a quarterly report that exceeded nearly all expectations save for gross margin, which matched estimates. Q3 revenue grew more than 100% year-over-year, driving record daily revenue growth exceeding $1 billion. Notably, the stock initially fell on the report before staging a dramatic reversal once management detailed plans to raise its strategic AI infrastructure buildout commitments to $279 billion from $119 billion and announced an expanded partnership with Amazon’s AWS. The move pushed NVDA decisively above its 50-day moving average, snapping a recent seven-session losing streak.
The ripple effects were broad: the PHLX Semiconductor Index gained 2.3% and the Information Technology sector (+3.4%) was the only S&P 500 sector to finish in the green. NVIDIA’s results also set a bullish tone heading into Thursday’s after-hours reports from Marvell and Workday, with the AI infrastructure narrative continuing to dominate market sentiment ahead of Friday’s Jackson Hole commentary from Fed Chair Warsh.
Bond Market & Treasuries
U.S. Treasuries recorded slim losses Thursday, slipping late in the session alongside a rally in oil prices. The move marked the second consecutive down day for Treasuries, though trading unfolded in a narrow range throughout.
Yield Check:
- 2-yr: 4.23% (+1 bp)
- 3-yr: 4.30% (+1 bp)
- 5-yr: 4.40% (+2 bps)
- 10-yr: 4.67% (+1 bp)
- 30-yr: 5.19% (+1 bp)
Auction: The Treasury completed the week’s note supply with a $44 billion 7-year note offering, drawing a high yield of 4.512% (vs. 4.053% 12-auction average) and bid-to-cover of 2.50 (vs. 2.48 average). Indirect bidders took 60.8% (vs. 70.1% average), while direct bidders took 27.0% (vs. 16.9% average).
Key driver: A late-session spike in WTI crude — coinciding with an Axios report on a potential Trump administration deal involving a stake in Venezuela’s oil resources — pushed yields to session highs. The U.S. Dollar Index held near unchanged at 99.16, sitting at its 200-day moving average.
Commodities
| Commodity | Price | Change |
|—|—|—|
| WTI Crude | $83.61/bbl | +1.7% (+$1.36) |
| Gold | $4,664.30/ozt | +0.4% |
| Copper | $6.69/lb | +1.4% |
Silver pricing was not included in today’s data set.
Oil staged a sharp afternoon rally after spending much of the day lower, driven by a report that the White House has no intention of returning to the terms of the June memorandum of understanding with Iran, alongside separate Axios reporting on a prospective Venezuela oil-stake deal.
Overseas Markets
Specific overseas index levels were not included in today’s data; however, key international developments included:
- South Korea: Bank of Korea raised its policy rate by 25 bps to 3.00% (as expected), signaling a slower pace of hikes ahead.
- China: July Industrial Profit up 17.6% year-to-date (prior 18.7%).
- Australia: Q2 Building Capital Expenditure +2.1% q/q (prior -3.3%); Q2 Private New Capital Expenditure -3.6% q/q (expected +0.8%, prior +6.9%); Q2 Plant/Machinery Capex -8.9% q/q (prior +18.4%).
- Eurozone: July Private Sector Loans +3.1% y/y (expected 2.9%, prior 3.0%); Loans to Nonfinancials +4.4% y/y (prior 4.0%).
- Germany: September GfK Consumer Climate improved to -26.6 from -29.4 (expected -29.5).
- France: July PPI +1.1% m/m (prior -0.4%), +3.4% y/y (prior 2.8%); jobseeker total rose to 3.143 mln from 3.122 mln.
- Switzerland: Q2 Employment Level rose to 5.698 mln from 5.537 mln.
- Bank of Japan Deputy Governor Himino called for timely rate hikes but stopped short of confirming a September vote.
- Fitch is scheduled to release its France sovereign rating review tomorrow.
Economic Data
- Weekly Initial Claims: 203K (Briefing.com consensus 210K) vs. prior revised 207K (from 206K) — claims continue hovering just above 200,000, showing little change in layoff activity.
- Weekly Continuing Claims: 1.778 mln vs. prior revised 1.796 mln (from 1.799 mln) — near the year’s lowest level.
- July Advance International Trade in Goods: -$118.8 bln vs. prior revised -$101.4 bln (from -$101.5 bln) — deficit widened notably.
- July Advance Retail Inventories: +0.7% vs. prior 0.0%.
- July Advance Wholesale Inventories: +1.3% vs. prior +0.3%.
- Weekly Natural Gas Inventories: +15 bcf vs. prior +16 bcf.
Market impact was limited, as the data flow took a back seat to NVIDIA’s earnings reaction and positioning ahead of Friday’s Jackson Hole address.
Looking Ahead
- 10:00 ET Friday: Fed Chairman Kevin Warsh delivers keynote address at the Jackson Hole Symposium (“Financial Innovation: Implications for Payments and Policy”) — seen as the next major catalyst for rates and equities, with CME FedWatch currently assigning roughly a one-in-three probability to a September rate hike.
- 9:45 ET Friday: August Chicago PMI (Briefing.com consensus 57.0; prior 57.6)
- 10:00 ET Friday: Final August University of Michigan Consumer Sentiment (Briefing.com consensus 51.0; prior 51.0)
- After-hours earnings (Thursday): Marvell (MRVL) and Workday (WDAY) reported following the close, with markets to digest results Friday morning.
- Fitch’s sovereign rating review of France is also scheduled for release.