Nasdaq climbs as Nvidia jumps 4.7% on earnings
Published on August 27, 2026
Nvidia delivered a quarter that beat everything the market had penciled in, and the Nasdaq is climbing on Thursday. The tech index had closed Wednesday down 0.08% at 26,130.20, with nobody willing to take a side before the print. The bounce has an obvious ceiling though, US inflation is still running at 3.7% a year.
Nvidia hands the Nasdaq the fuel it was missing
The chipmaker posted quarterly revenue of 96.2 billion dollars, up 106% from a year ago. Analysts were looking for roughly 92 billion, as Charles Schwab noted hours before the release. Earnings came in at 2.22 dollars a share against 2.09 expected. The data center unit alone brought in 89 billion.
The forward numbers did the damage. Guidance for the current quarter jumped to 108 billion dollars, still 89% growth, and the order backlog now tops 2 trillion, according to Kiplinger. Jensen Huang summed up his read of the cycle in one line, compute has become revenue. The stock added 4.7% after hours, Reuters reported.
Asia picked it up overnight. The Kospi gained 1.5%, Taiwan 0.9%, and S&P 500 futures are up 0.4%. Chris Weston at Pepperstone put the desk view plainly, the business is in rude health and everyone supplying Nvidia should feel it today.
US indexes were starting from a low base
All three major indexes finished Wednesday in the red. The S&P 500 lost 0.04% to 7,675.70 and the Dow fell 0.21% to 53,463.88, ending a three day winning streak, per Motley Fool. Nobody wanted risk on the books before Nvidia spoke.
That is exactly why the rebound looks broad this morning. Gold is at 4,624 dollars, bitcoin is back above 79,000 dollars, and oil keeps sliding, with Brent at 87.20 dollars after Iran restarted talks with Oman over the Strait of Hormuz. Cheaper crude helps stocks, it takes one source of price pressure off the table.
Inflation still caps the Nasdaq
Wednesday morning gave the bulls nothing. July PCE inflation printed at 3.7% year on year, a tenth above forecasts, while the core reading held at 3.3%, right in line, according to the BEA data. That is a long way from the Fed target of 2%.
Chris Zaccarelli at Northlight Asset Management, quoted by TheStreet, reads the steady core print as giving the Fed more time to sit on its hands. Collin Martin at Schwab says the same thing from another angle, monthly core readings of 0.2% or less let the central bank stay on hold. The US 10 year eased back to 4.647%, which gives tech some room, but not much.
One caution is worth keeping. Matt Bryson at Wedbush points out that Nvidia has beaten consensus three quarters in a row while the stock sits roughly where it did last October. A great quarter no longer lifts the Nasdaq on its own.
Key levels today
| Instrument | Level (support / resistance) | Change (August 26 close) | Scenario to watch |
|---|---|---|---|
| S&P 500 | Support 7,578, resistance 7,750 to 7,782 | -0.04% at 7,675.70 | Michael Boutros wants a close above 7,781 before calling the next leg up |
| Nasdaq Composite | Reaction zone 26,000 | -0.08% at 26,130.20 | A slip back under 26,000 intraday would mark the bounce as a one day affair |
| Dow Jones | Support 52,905, resistance 53,880 to 54,042 | -0.21% at 53,463.88 | A push back toward 53,880 if long yields keep easing |
Technical levels come from the August 22 note by Michael Boutros at FOREX.com.
Economic calendar
8:30 am New York time, weekly jobless claims. A clear jump above recent weeks would push long yields down and extend the Nasdaq bounce. A still tight labour market puts the pressure straight back on rates.
8:30 am, advance goods trade balance. A wider deficit than expected would weigh on the next round of US growth estimates.
11:00 am, Kansas City Fed manufacturing index. Usually ignored, but a sharp drop would arm the doves.
Friday 10:00 am, Kevin Warsh at Jackson Hole. The Fed chair opens the symposium today and speaks tomorrow. If he refuses to bless a September cut, the indexes give back part of this move.
Bottom line
Nvidia gave the market precisely what it wanted and the Nasdaq is taking it, yet inflation at 3.7% keeps US indexes on a short leash. The real decider this week is Warsh on Friday, not chips. Full session coverage runs every morning on our market page.
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This is not investment advice.