28.08.202518:50:16UTC+00S&P 500 Tops 6,500 on AI Momentum, Strong Data

The S&P 500 reached new record highs, surpassing the 6,500 mark during the afternoon session. This rally was buoyed by robust economic data and ongoing enthusiasm for artificial intelligence, even amidst mixed reactions to Nvidia's latest results. The Nasdaq 100 rose by 0.6%, while the Dow saw a modest increase. Nvidia announced a 56% increase in quarterly revenue, but its exclusion of potential China sales from its forecast resulted in a slight dip in the stock price. Despite this, analysts have elevated their price targets and remain optimistic about AI-driven growth. Other tech stocks like Broadcom, Micron, Microsoft, Meta, and Amazon also made gains, highlighting the sector's dynamic momentum. Adding to the positive sentiment, U.S. GDP was revised upwards to a 3.3% annualized growth rate in the second quarter, and jobless claims were lower than anticipated, alleviating concerns of a recession. On the earnings front, Crowdstrike's value increased by 3.9%, HP saw a 1.5% rise, and Snowflake surged by 22.8% following strong results.