NEW YORK — U.S. stocks climbed across the board as Nvidia's strong earnings fueled optimism about the artificial intelligence industry.
The Dow Jones Industrial Average closed at 53,569.44 on the 27th, up 105.56 points, or 0.20%, from the previous session. The Standard & Poor's 500 rose 55.29 points, or 0.72%, to 7,730.99, while the Nasdaq Composite jumped 411.16 points, or 1.57%, to 26,541.35.
Stocks opened higher and stayed strong throughout the session, responding to Nvidia's results released after the previous day's close. Nvidia said second-quarter revenue for fiscal 2027 reached $96.22 billion, a 106% surge from a year earlier. Adjusted earnings per share came in at $2.22, up 120% year-on-year. Both figures beat market forecasts.
The news lifted a broad range of chip stocks. Nvidia rose 8.74%, followed by Broadcom at 4.49%, Intel at 4.36% and SK hynix at 2.27%. The Philadelphia Semiconductor Index gained 2.33%.
Among other movers, Salesforce soared 22.58% after raising its annual revenue and profit guidance and launching a new plug-in that integrates with Anthropic's Claude AI model. Moderna fell 4.60% after announcing a $2 billion convertible bond offering.
Uncertainty over Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole meeting, scheduled for the 28th, capped gains. U.S. initial jobless claims fell for a second straight week, and continuing claims dropped to their lowest level in a month. Rising oil prices, driven by diminished prospects for talks between the United States and Iran, also weighed on equities.
West Texas Intermediate crude futures for October delivery settled at $83.53 a barrel on the New York Mercantile Exchange, up $1.30, or 1.58%, from the previous session. Brent crude futures for October on London's ICE Futures Exchange rose $1.86, or 2.12%, to $89.70 a barrel. Both benchmarks rebounded after four days of declines.
Mohsen Rezaee, secretary of Iran's Supreme National Security Council, criticized Washington during a meeting with Qatari Prime Minister and Foreign Minister Mohammed bin Abdulrahman Al Thani, who visited Tehran as a mediator. Rezaee said Iran does not trust the United States and that Washington has betrayed negotiations several times. The Wall Street Journal reported that U.S. President Donald Trump has no interest in returning to the terms of the memorandum of understanding signed with Iran in June. According to the report, the Trump administration has repeatedly told mediating countries it has no intention of reviving the June agreement.
