The S&P 500 rose 0.5%, the Nasdaq gained 0.8%, and the Dow Jones added around 200 points on Thursday as traders digested corporate earnings from Nvidia, key economic data, and fresh tariff developments.
US stocks rise boosted by Nvidia
Nvidia shares climbed about 0.9% after the company reported better-than-expected earnings and revenue, boosting sentiment in the broader tech sector. Consumer discretionary, communication services, and financials also traded higher, while energy stocks lagged amid fluctuating oil prices.
Economic data largely pointed to continued resilience in the US economy, despite signs of a softening labor market and stubbornly high inflation. Initial jobless claims rose to a two-month high of 225,000, suggesting some cooling in employment trends, while PCE prices—closely watched by the Federal Reserve—climbed more than expected last quarter, reinforcing concerns over persistent inflation. However, durable goods orders provided a bright spot, unexpectedly increasing 2.1%, and GDP growth for the previous quarter was confirmed at 2.3%, signaling steady economic expansion.
Trade tensions resurface
Meanwhile, trade tensions resurfaced as President Trump reaffirmed that 25% tariffs on Canada and Mexico are set to take effect next week and announced plans to impose an additional 10% tax on $50 billion worth of Chinese imports, escalating uncertainty for global markets.
On the downside, Salesforce shares tumbled 4.6% after issuing disappointing revenue guidance, weighing on the broader enterprise software sector. Other cloud-focused stocks also saw some weakness, reflecting concerns over slowing corporate IT spending.
