TLDR
- Nvidia shares jumped 8.7% after a strong revenue outlook, lifting tech stocks broadly
- Salesforce and CrowdStrike also posted big gains on Thursday
- S&P 500 rose 0.7%, Nasdaq jumped 1.6%, Dow gained 0.2%
- Fed Chair Kevin Warsh set to speak at Jackson Hole symposium Friday morning
- PayPal shares dropped nearly 14% after a reported acquisition deal fell apart
Nvidia’s blockbuster earnings report drove a broad tech rally on Wall Street Thursday, but markets turned cautious Friday as investors waited for Federal Reserve Chair Kevin Warsh to speak at the Jackson Hole Symposium in Wyoming.
US stock futures were mixed in premarket trading. Dow Jones futures rose 0.1%, S&P 500 futures dipped slightly, and Nasdaq 100 futures fell 0.3%.
Nvidia Drives Tech Rally
Nvidia shares surged 8.7% Thursday after the chipmaker posted a strong revenue outlook, easing fears that spending on artificial intelligence infrastructure was slowing down.
The results gave investors fresh confidence in the AI trade. Semiconductor stocks broadly moved higher on the back of the report.
Salesforce had its best single trading day since 2020, climbing 22.6%. The move pushed aside worries about a broader slowdown in the software industry.
CrowdStrike also posted strong gains, rising over 20%. The cybersecurity firm added to the positive tone across the technology sector.
The S&P 500 closed up 0.7% on Thursday. The Nasdaq Composite gained 1.6% and the Dow Jones Industrial Average added 0.2%.
Jackson Hole in Focus
Markets now turn to Warsh, who is delivering his first keynote as Fed chair at the annual Kansas City Fed event. His speech is scheduled for 10 a.m. ET Friday.
The market is waiting for one answer.
What will Kevin Warsh say at Jackson Hole today?Here’s our view:
Warsh’s first Jackson Hole speech comes as markets remain uncertain about his approach to interest rates, largely because he has avoided providing clear forward guidance… pic.twitter.com/ULloL0deG6
— Coin Bureau (@coinbureau) August 28, 2026
Investors are looking for direction on interest rates and inflation after Warsh’s stance at the last Fed meeting left markets uncertain. Fed officials remain divided on whether to raise rates further.
Inflation has stayed above the Fed’s target, and recent data showed prices running hotter than expected. That has kept longer-dated Treasury yields elevated and near multiyear highs.
The 10-year and 30-year Treasury yields were little changed ahead of the speech.
In other company news, Marvell Technology fell around 7% despite reporting a solid outlook. Its non-GAAP gross margin forecast came in below analyst expectations, which weighed on the stock.
Gap shares jumped more than 13% in after-hours trading after the retailer reported better-than-expected second-quarter earnings. The company also named Michael Francis as CEO of its Old Navy brand.
PayPal shares dropped nearly 14% in extended trading after Bloomberg reported that Advent International and Stripe abandoned their bid to acquire the payments company.
Crude oil prices edged higher Thursday. A Wall Street Journal report said President Trump has no interest in returning to the terms of a June memorandum of understanding with Iran.
There are no major earnings reports due Friday. The University of Michigan consumer sentiment survey will be released and may offer insight into how Americans are feeling about economic conditions.
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