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Nvidia's Quarterly Report Drives Tech Stocks Higher

Stocks finished the day broadly higher after Nvidia's upbeat quarterly report and outlook for 70% revenue growth for next fiscal year led a rally among other notable tech firms. Salesforce's "beat and raise" report and its collaboration with Anthropic also supported its shares and the indexes.Traders are now looking to Jackson Hole with Fed Chair Kevin Warsh scheduled to deliver his keynote speech Friday at 10 a.m. ET. Investors will be looking for clues about whether the Fed views persistent inflation as a reason to keep rates higher or whether weakening labor-market conditions could eventually justify easing.Additionally, the Trump administration has told mediators it has no interest in going back to the terms of the memorandum of understanding it reached with Iran in June, people familiar with the matter told The Wall Street Journal. Oil prices surged nearly 2% after the news, as The Journal noted that Trump is willing to wait and see if a policy of squeezing Iran economically bears fruit.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiareported, provided an upbeat outlook, and reportedly agreed to acquire Hugging Face for $12.9BSalesforceprovided aand announced its "Claudeforce" collaboration with AnthropicHP Inc.also provided aBest Buyreportedand raised its guidance for FY27Dollar Treeand Dollar Generalboth provided2. WALL STREET CALLS:First Solarto Outperform at BMO Capital after 16% pullbackCelsiusto Hold at Deutsche BankInteractive Brokerswith a Market Perform at Raymond JamesEverpureto Buy at BofA with more growth to comeCitiAbercrombie & Fitchon valuation after 36% rally3. AROUND THE WEB:Anthropic is weighing allowing its existing shareholders sell some stock in its blockbuster IPO while also mulling longer-than-usual lockup periods for sales after it goes public, The Information reportsBPis in talks to sell some of its upstream oil and gas assets in Egypt to Energean, Reuters saysTrian is no longer preparing a take-private bid for Wendy's, Reuters reportsThe Trump administration has struck data-sharing deals with OpenAI, Google, Meta, Amazon, and other tech companies to track how AI is affecting jobs and hiring, Axios saysMetahas quietly become one of Anthropic's largest customers, potentially spending up to $10B annually on its AI models despite publicly criticizing the company, NY Times reports4. MOVERS:Oktaincreased after, providing guidance for Q3, and raising its outlook for FY27Veevagained afterand raising its outlook for FY27Tenablewas higher afterin S&P SmallCap 600Hormel Foodsfell afterand narrowing its guidance for FY26Modernawas lower after announcing a5. EARNINGS/GUIDANCE:Burlington Stores, provided guidance for Q3, and raised its outlook for FY26Build-A-Bearand lowered its guidance for FY26Titan Machineryand backed its guidance for FY27HealthEquityand backed its guidance for FY27, with CEO Scott Cutler calling it "a record-setting second quarter"Canadian Solar, with EPS missing consensusINDEXES:The Dow rose 105.56, or 0.20%, to 53,569.44, the Nasdaq gained 411.16, or 1.57%, to 26,541.35, and the S&P 500 advanced 55.29, or 0.72%, to 7,730.99.

Nasdaq Rises 350.95 Points on Nvidia Earnings

The major averages were sharply higher near noon after Nvidia's upbeat quarterly report and outlook for 70% revenue growth for next fiscal year led a rally among other notable tech firms. Salesforce's "beat and raise" report and its collaboration with Anthropic also supported its shares and the indexes.Traders are now looking to Jackson Hole with Fed Chair Kevin Warsh scheduled to deliver his keynote speech Friday at 10 a.m. ET. Investors will be looking for clues about whether the Fed views persistent inflation as a reason to keep rates higher or whether weakening labor-market conditions could eventually justify easing.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiareported, provided an upbeat outlook, and reportedly agreed to acquire Hugging Face for $12.9BSalesforceprovided afor Q2 and announced its "Claudeforce" collaboration with AnthropicHP Inc.also provided aBest Buyreportedand raised its guidance for FY27Dollar Treeand Dollar Generalboth provided2. WALL STREET CALLS:First Solarto Outperform at BMO Capital after 16% pullbackCelsiusto Hold at Deutsche BankInteractive Brokerswith a Market Perform at Raymond JamesEverpureto Buy at BofA with more growth to comeCitiAbercrombie & Fitchon valuation after 36% rally3. AROUND THE WEB:Trian is no longer preparing a take-private bid for Wendy's, Reuters reportsThe Trump administration has struck data-sharing deals with OpenAI, Google, Meta, Amazon, and other tech companies to track how AI is affecting jobs and hiring, Axios saysGoogleis moving its team dealing with identifying risks and societal impact of AI out of Google DeepMind, the research lab developing its most advanced AI models, WSJ reportsBritish Columbia Premier David Eby is urging Canada to reconsider its planned purchase of up to 88 U.S.-made F-35samid escalating trade tensions and tariffs, NY Times saysMetahas quietly become one of Anthropic's largest customers, potentially spending up to $10B annually on its AI models despite publicly criticizing the company, highlighting the increasingly intertwined and competitive nature of the AI ecosystem, NY Times reports4. MOVERS:Oktaincreases after, providing guidance for Q3, and raising its outlook for FY27Veevagains afterand raising its outlook for FY27Tenablehigher after announcing it will replace Leggett & Platt inHormel Foods (HRL) falls afterand narrowing its guidance for FY26Modernalower after announcing a5. EARNINGS/GUIDANCE:Burlington Storesprovided guidance for Q3, and raised its outlook for FY26Build-A-Bearand lowered its guidance for FY26Titan Machineryand backed its guidance for FY27HealthEquity (HQY)and backed its guidance for FY27, with CEO Scott Cutler calling it "a record-setting second quarter"Canadian Solar, with EPS missing consensusINDEXES:Near midday, the Dow was up 142.20, or 0.27%, to 53,606.08, the Nasdaq was up 350.95, or 1.34%, to 26,481.15, and the S&P 500 was up 48.80, or 0.64%, to 7,724.50.

Major Averages Quiet as Investors Digest Inflation Data

The major averages had a mostly quiet day as investors digest the latest inflation data and await Nvidia's earnings report, which is set to be released after the close.The U.S. personal consumption expenditures price index rose 0.2% month-over-month in July, above market expectations of a 0.1% increase, following a 0.1% decline in June. Core PCE inflation, which excludes food and energy, increased 0.2%, matching the previous month's gain and market expectations.The new PCE data comes amid a focus on the bond market, which is getting some relief as oil prices slip on signs of progress toward managing shipping through the Strait of Hormuz. Brent crude has fallen for a third consecutive session, helping push Treasury yields lower and easing some of the inflation concerns that had pressured stocks over the past several weeks.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Metahas agreed toa federal social media addiction trial with state AGsIntuitreportedbut provided a worse-than-expected outlook for Q1 and FY27Kohl'sreportedand provided upbeat FY26 earnings guidancePalo Alto Networksis accelerating M&A under CEO Nikesh Arora as AI-driven threats fuel cybersecurity spending, with potential acquisitions including Datadogand Okta,Applehas sent invites to media for a2. WALL STREET CALLS:Intuitto Neutral at BofA and JPMorganTJXto Hold at JefferiesSolarEdgeto Buy at UBSTruistDick's Sporting Goodson deteriorating footwear trendsTruist alsoNikefollowing Dick's guidance cut3. AROUND THE WEB:SoftBankis talking with investment banks about a potential $10B-$20B bond offering to help refinance a loan for its investment in OpenAI, Bloomberg saysXPeng'srobotics unit, valued at over $6.3B, will begin mass producing its Iron humanoid robot this year, WSJ reportsChina's Moonshot AI is in discussions for revenue-sharing agreements with Microsoft, Amazon, and Google, which would allow the companies to host the Kimi K3 model, Reuters reportsMicrosoftemployee-reported compensation data highlights the company's intensifying AI talent competition, with pay packages reflecting efforts to retain skilled AI and cloud employees amid massive infrastructure investments, Business Insider saysCoinbaseCEO Brian Armstrong warned that tech founders are fleeing California over the state's "deeply un-American" proposed wealth tax, hinting his firm might be next to leave, NY Post reports4. MOVERS:Bath & Body Worksincreased after, providing guidance for Q3, and announcing its outlook for FY26Semtechgained afterand providing its guidance for Q3D-Wave Quantumwas higher after announcing theQfinfell in New York after Citithe stock to SellSpyre Therapeuticswas lower after announcing results from its5. EARNINGS/GUIDANCE:J.M. Smuckerprovided areport for Q1Williams-Sonomain what CEO Laura Alber called "a very strong second quarter"Abercrombie & Fitchand provided guidance for Q3Movado, with EPS and revenue higher year-over-yearLi Autoand provided guidance for Q3INDEXES:The Dow fell 113.52, or 0.21%, to 53,463.88, the Nasdaq lost 21.10, or 0.08%, to 26,130.20, and the S&P 500 declined 1.58, or 0.02%, to 7,675.70.