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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.
HealthEquity Shares Drop 12.6% to $91.31
HealthEquity is down -12.6%, or -$13.12 to $91.31.
HealthEquity Shares Drop 14.1% to $89.74
HealthEquity is down -14.1%, or -$14.68 to $89.74.
Company Raises FY27 Revenue Outlook to $1.411B-$1.421B
Raises FY27 revenue view to $1.411B-$1.421B from $1.41B-$1.42B, consensus $1.42B. Raises FY27 adjusted EBITDA view to $628M-$636M from $625M-$633M. The company said, "For the fiscal year ending January 31, 2027, management is raising guidance and now expects revenues of $1.411 billion to $1.421 billion. Its outlook for net income is between $242 million and $248 million, resulting in net income of $2.88 to $2.96 per diluted share. Its outlook for non-GAAP net income, calculated using the method described below, is between $392 million and $398 million, resulting in non-GAAP net income per diluted share of $4.66 to $4.73. Management expects Adjusted EBITDA of $628 million to $636 million."
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