Wall Street had its best day in more than three weeks on Thursday but almost all of the gain came from one corner: technology. A blockbuster forecast from Nvidia, the world’s most valuable company, reignited faith in the artificial-intelligence (AI) trade that has driven this bull market.
Tech did the heavy lifting while much of the rest of the market stood still or slipped.
The Close
| Index | Close | Change |
|---|---|---|
| Dow Jones | 53,569.44 | +0.2% (+105.56) |
| S&P 500 | 7,730.99 | +0.72% |
| Nasdaq 100 | - | +1.4% |
It was the best session since August 4 for the Nasdaq, the S&P 500 and the tech sector.
The tell of how narrow the day was: technology was the only one of the S&P 500’s eleven sectors to close higher. The tech-heavy Technology Select Sector fund (XLK) rose about 2.9% on track for its biggest gain, in records back to 2006, on a day when it was the market’s lone positive sector.
What Drove It
Nvidia jumped about 8.7% after it beat earnings and more importantly told investors revenue could grow around 70% in its next fiscal year, far above the ~44% analysts expected.
In plain terms, Nvidia signaled the AI spending boom has more room to run. That lit up the whole chip group: Broadcom rose 4.5%, Intel 4%, SK Hynix 2%, and the VanEck Semiconductor ETF (SMH), a basket of chip stocks, gained 3%.
The rally spread past chips. Salesforce soared more than 22% on strong results, dragging software names Adobe (+5.7%) and Autodesk (+6.2%) up with it. In cybersecurity, Okta rocketed about 28% and CrowdStrike jumped 20.5%, both lifting their outlooks on booming demand for “agentic” AI software that can act on its own. Palo Alto Networks rose almost 13%.
Melissa Brown of SimCorp summed up the mood: the strong Nvidia number may quiet, at least for now, the worry that AI spending is being propped up by the big cloud firms funding each other. But she cautioned that the wide gap between AI winners and everything else is keeping overall market swings low which, she warned, lulls investors into a “false sense of security.”
The Fed Corner
Even on a risk-on day, Fed officials kept up a hawkish drumbeat, a reminder that the live debate right now is a rate hike, not a cut.
Kansas City’s Jeff Schmid said current policy isn’t actually holding the economy back while inflation sits above target. Boston’s Susan Collins called rates only “mildly restrictive.” Cleveland’s Beth Hammack told CNBC it’s time for the Fed to act to keep prices in check.
It all sets up Fed Chair Kevin Warsh’s first Jackson Hole keynote on Friday (~10:00 a.m. ET). After Wednesday’s hotter-than-expected inflation reading, traders put the odds of a September hike near 36%.
Across Other Markets
| Market | Level | What Moved It |
|---|---|---|
| 10-YR Treasury | 4.66% | Rose a 2nd day; firm data keeps a late-2026 hike in play (higher yield = pricier borrowing) |
| US Dollar | Firmer | Steadied off 3-month lows after the hot inflation print and higher yields |
| Crude Oil | Higher | Climbed as a Hormuz deal looked shaky; WSJ says the US won’t revert to the June Iran agreement |
| Gold | Mid $4,600s | Near its highest since May; firmer dollar and yields vs. safe-haven demand. Warsh is the real test |
The Technical Read: Nasdaq 100 (NQ), Hourly
On the hourly chart, NQ futures pushed back above both their 100- and 200-hour moving averages (near 29,315 and 29,514) , a short-term win for buyers after last week’s slide. Holding above roughly 29,514 keeps the recovery intact; losing it puts the range back in play.
The wall to beat overhead sits near 29,655. For the S&P 500, the fresh line to watch is simply today’s close at 7,730.99.
Nasdaq 100 (NQ) One Hour Chart, August 27, 2026
Source: TradingView
What’s Ahead
All eyes turn to Federal Reserve Chair Warsh in Jackson Hole on Friday morning. Markets don’t expect him to spell out the September decision, but any read on his thinking could move every asset.
Next week brings the August jobs report, the last big input before the Fed’s September 16 rate decision.
