Nvidia Earnings Spark Broad Technology Rally, Attention now turns to Fed Chair Kevin Warsh

Nvidia posted second-quarter earnings that crushed expectations, with revenue up 106% year over year. The results reassured investors on the durability of the AI boom, sending the tech sector up 3.4% and lifting major indices. Nvidia rose more than 4% intraday to $227.98 on strong guidance, pushing the S&P 500 and Nasdaq higher. The Nasdaq Composite led Wall Street with a 1.57% gain, outpacing the S&P 500 and Dow.

Shares slipped after-hours, however, on reports that Nvidia had paused cloud revenue-share deals — injecting a note of caution ahead of Jackson Hole.

Corporate software earnings reinforced the tech rally. Salesforce jumped over 11% on raised guidance, and CrowdStrike surged on record annual recurring revenue driven by AI-linked security adoption.

Attention now turns to Fed Chair Kevin Warsh's address today at the Kansas City Fed's Jackson Hole symposium — his first as chair, and not tied to a policy meeting.

Markets are looking for signals on the rate path amid PCE inflation at 3.7%.

Chicago wheat futures hit their daily limit, closing near $7.60/bushel — about 30% above their late-June lows — as Black Sea supply concerns intensify.

The Indian rupee opened flat post-Wednesday’s holiday, then came under pressure from month-end dollar demand, short-covering, and broader risk aversion. It ended 13 paise lower at 95.54. A modest rebound in the dollar index, following recent inflation data, further weighed on momentum.

Nifty fell for the second consecutive session, dropping 116 points to close at 24,090. Markets fell on Thursday as expiry-led volatility and weak geopolitical sentiment triggered broad selling in heavyweights. A decisive break below the prior swing low of 24,025 would confirm a positional trend reversal. On the upside, the recent swing high of 24,378 is likely to act as immediate resistance.

Indian equities are poised for a subdued opening amid the absence of decisive global cues to drive market direction.