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Nvidia Sparks Chip Surge, Stocks Inch Higher
29 Aug
Summary
- Nvidia's strong revenue projections boosted the chip sector.
- Salesforce surged 22% on a positive earnings report and partnership.
- J.M. Smucker reported increased net sales and earnings.
The stock market concluded the week with a modest gain as traders processed a neutral core inflation report and robust earnings from Nvidia. Nvidia's optimistic fiscal 2028 revenue outlook resonated throughout the broader semiconductor industry, particularly benefiting memory stocks. This market movement pushed some stocks into overbought territory, indicated by a Relative Strength Index (RSI) exceeding 70.
Salesforce saw a significant weekly increase of around 22%, propelled by exceeding earnings expectations and forming a new partnership with AI firm Anthropic. This collaboration helped mitigate concerns about the software sector's viability. J.M. Smucker also posted strong financial results, with net sales climbing 5% and adjusted earnings per share rising 71%, aided by tariff refunds. CEO Mark Smucker noted moderating coffee costs and successful price adjustments supporting volume.
