Nvidia optimism supports technology stocks as markets await Warsh’s Jackson Hole speech

US equities closed higher on Thursday as strong results and an upbeat outlook from Nvidia supported technology stocks and reinforced optimism around continued artificial intelligence (AI) investment. The S&P 500 rose 0.70%, the Nasdaq gained 1.40% and the Dow Jones Industrial Average added 105 points. Nvidia surged 8.70% after forecasting a 70% increase in revenue next fiscal year, while Broadcom and Intel gained 4.50% and 4.40%, respectively. Software infrastructure stocks also rallied, with Salesforce soaring 22.60%, CrowdStrike surging 20.50% and Palo Alto Networks jumping 12.80%.

Attention now turns to Federal Reserve Chair Kevin Warsh’s first major address at the Jackson Hole symposium later today (Friday, 28 August 2026), with investors looking for further guidance on inflation and the monetary policy outlook. Long-term Treasury yields remained elevated amid widening federal deficits, strong AI-related debt issuance, foreign trade tensions and the risk of higher energy-driven inflation. The focus on monetary policy comes after July 2026 PCE data added to concerns around persistent inflation.

European markets closed mostly lower. The Euro STOXX 50 fell 0.75%, while the STOXX Europe 600 declined 0.70%. France’s CAC 40 fell 1.70% to 8 319, while Germany’s DAX 40 gained 0.30% to 26 367. London’s FTSE 100 declined more than 0.50%, with weakness in banking, healthcare and commodity-related shares weighing on the index. Investors also continued to monitor developments around the Strait of Hormuz and the impact of higher energy prices on inflation.

Asian markets were mixed. China’s Shanghai Composite gained 1.13%, while the Shenzhen Component rose 1.50%, supported by stronger expectations for policy support and gains in technology and semiconductor stocks following Nvidia’s results. Japan’s Nikkei 225 fell 0.20% to 66 132, while the broader Topix rose 0.15% to 4 117.

South African equities ended marginally lower on Thursday. The FTSE/JSE All Share Index declined 0.01% to 116 806.24 points, while the Top 40 Index fell 0.15%. Industrials gained 0.58%, while Financials declined 0.44%, Resources 10 lost 0.38% and Metals and Mining fell 0.47%. South Africa’s producer price inflation eased to 5.70% year-on-year in July 2026 from 7.50% previously, below expectations of 6.10%. The rand weakened 0.31% against the US dollar to R16.00, 0.28% against the British pound to R21.74 and 0.28% against the euro to R18.64.

Commodity markets were higher. At 21h59 SAST Brent crude oil gained 2.15% to $89.73 per barrel as renewed tensions between the US and Iran revived concerns around energy supply and costs. Gold rose 0.24% to $4 603.23 per ounce at 22h25 SAST, while silver gained 1.72% to $69.27 per ounce and platinum advanced 0.55% to $1 854.65 per ounce.