The Nasdaq Composite rose 1.57% on Thursday as the latest earnings reports from Nvidia and other well-known technology companies boosted sentiment.
The tech-heavy index increased by 1.57% to 26,541.35, while the S&P 500 advanced by 0.72% to close at 7,730.99. The Dow Jones Industrial Average climbed by 105.56 points, or 0.2%, closing at 53,569.44.
Nvidia shares jumped 8.7% after the company beat analyst expectations and forecast strong revenue growth. Notably, the chipmaker is projected to see revenue growth hit 70% in fiscal 2028, far higher than the 44% that analysts surveyed by LSEG expected.
Shares linked to the semiconductor industry rallied, with Broadcom adding 4.5%, and SK Hynix and Intel up 2% and 4%, respectively.
Outside of Nvidia and its fellow chip stocks, Salesforce rallied more than 22% after revenue came in ahead of Wall Street's forecast for the second quarter.
Within cybersecurity, Okta soared more than 28% and CrowdStrike gained 20.5% after surpassing analyst expectations and raising their outlooks.
Traders are preparing for the Federal Reserve's annual symposium in Jackson Hole, Wyoming, where Fed Chairman Kevin Warsh is slated to deliver a keynote speech.
