Tech shares lift U.S. markets as Nvidia and Salesforce post strong AI-driven earnings

U.S. equity indexes rose on Thursday, led by technology stocks after several major companies posted earnings that exceeded analysts’ forecasts. The S&P 500 climbed 0.7% to 7,730.99, the Dow Jones Industrial Average added 0.2% to 53,569.44, and the Nasdaq Composite advanced 1.6% to 26,541.35.

Nvidia was the biggest contributor, jumping 8.7% after reporting higher-than-expected profit and revenue for the latest quarter and issuing revenue guidance that topped consensus estimates. CEO Jensen Huang said the company believes artificial intelligence has reached an "inflection point" and is delivering productive, profitable outcomes.

Salesforce shares surged 22.6% following a report of one of its strongest quarters, with earnings and revenue both beating forecasts. CEO Marc Benioff said the firm is experiencing "incredible demand" for its AI and data products and is expanding a partnership that integrates Anthropic’s Claude chatbot into its platform.

Other large-cap firms posted mixed results. HP fell 2.9% despite beating profit and revenue estimates, as analysts cited concerns over personal-computer sales and higher component costs. Best Buy declined 4.4% even though its earnings also topped expectations, reflecting lingering worries about consumer spending amid inflation.

Dollar-store operators showed divergent moves: Dollar General rose 2.5% after a better-than-expected profit report, while Dollar Tree dropped 3.9% despite strong earnings, due to a revenue outlook that missed the midpoint of analysts’ forecasts.

In the bond market, Treasury yields edged higher, with the 10-year note reaching 4.67% after data suggested a resilient labor market. The upcoming speech by Federal Reserve Board Chairman Kevin Warsh is expected to shape expectations for future interest-rate policy.

International markets were mixed, with gains in Seoul and Shanghai offset by declines in Paris.