Wall Street surged as Nvidia reported strong earnings and high demand for its Blackwell AI chips, lifting the Nasdaq, S&P 500, and Dow. Gains in AI-linked technology stocks, better-than-expected September jobs data, and Walmart’s robust third-quarter results fueled investor optimism. The market is now closely watching AI trends and Federal Reserve policy for future direction.
Nvidia reports strong earnings
Wall Street rose sharply on Thursday after Nvidia reported strong earnings and forecast high demand for its Blackwell AI chips. The Nasdaq Composite climbed 2.2%, the S&P 500 rose nearly 1.7%, and the Dow Jones Industrial Average added over 500 points. Investors cheered strong tech results, solid retail numbers from Walmart, and surprising jobs data.
Performance boosts other stocks
Nvidia shares jumped nearly 5% after CEO Jensen Huang said demand for Blackwell AI chips is off the charts. The strong earnings report reversed a 7% drop in November for the company. Nvidia’s performance boosted other technology stocks, including Advanced Micro Devices, Broadcom, and infrastructure suppliers like Eaton. Analysts said the rally shows that AI demand could continue to support high stock prices in 2026.
Jobs report exceeds expectations
The US Labor Department reported that payrolls grew by 119,000 in September, more than double the expected 51,000. Unemployment rose slightly to 4.4% from 4.3%. The report surprised economists and traders, as it came after delays caused by the recent government shutdown. The October jobs report was postponed to December 16, making the September data especially important.
Mixed signals for Fed policy
The Federal Reserve’s October meeting minutes showed that officials are divided. Some are concerned about high inflation and want to keep rates high. Others want to see a slowing labor market before cutting rates. After the jobs report, traders raised the chance of a December rate cut to 35% from 28%. Investors are watching closely for future Fed moves.
Walmart
Walmart reported Q3 revenue of $179.5 billion and adjusted earnings of 62 cents per share. Both numbers were higher than expected. The company also raised its full-year sales forecast. Strong results suggest that consumer spending remains steady ahead of the holiday season. Walmart’s shares moved only slightly as investors considered broader economic factors.
