NVIDIA's earnings beat market expectations, sending US stocks higher. The Nasdaq rose 1.6%, while NVDA surged 8.7%, with reports pointing to momentum toward a new all-time high.
Major stock markets moved higher as US stocks rebounded on NVIDIA's strong earnings. The Nasdaq Composite rose 1.6% to 26,541.35, while the Dow posted a modest gain and the S&P 500 also advanced. Improved earnings at technology companies supported sentiment across the sector.
Strong earnings from enterprise software and cybersecurity stocks, led by NVIDIA, were well received, sending shares of Salesforce, Okta and CrowdStrike sharply higher. Crypto assets including Bitcoin also rebounded, driving greater risk appetite in the market.
Singapore also released economic data. Manufacturing output in July rose a solid 6.8% year on year, while HDB rental transaction volume increased 13.6%.
Movements in DBS Group and Frencken, among other stocks, were reported as those to watch, affecting investors' stock selection.
Multiple media outlets cited as sources reported similar developments, indicating that the impact of NVIDIA's earnings has spread across US stocks.