Market

September 3, U.S. stocks closed higher as investors cheered resilient tech earnings and shrugged off mixed economic data. The Dow Jones Industrial Average climbed 0.56% to 53,061.51, the S&P 500 advanced 0.46% to 7,666.68, and the Nasdaq Composite added 0.45% to 26,217.83. Chip-maker strength, led by upbeat results from Dell Technologies, helped offset persistent worries about slowing growth and sticky inflation.

Dell’s blowout quarter dominated individual movers, sending its shares up 15.76% after the PC and server giant delivered record AI server sales. Nvidia rose 3.21% to another all-time high, while fellow chipmaker Micron Technology gained 2.43% on optimism for memory demand. Meta Platforms added 2.47% after unveiling new AI advertising tools, and Intel firmed 1.21% on reports of strong foundry interest. On the downside, Credo Technology tumbled 20.04% following a secondary share offering, Palantir Technologies fell 5.83% amid valuation concerns, and EV maker NIO slid 5.05% as Chinese delivery data disappointed.

Outside the megacaps, pockets of volatility persisted. Regencell Bioscience jumped 14.73% on positive ADHD treatment data, while Viomi Technology rocketed 83.64% in a short-squeeze–driven rebound. Semiconductor bear ETF SOXS slipped 0.75% as chip stocks rallied, whereas Broadcom eased 0.66% ahead of earnings. Universe Pharmaceuticals climbed 11.71% on FDA clearance hopes, contrasting with Youdao’s 9.15% retreat after a revenue miss.

News

Federal Reserve officials signaled rates may stay elevated for longer. Minutes from the latest policy meeting suggested confidence in disinflation progress remains tentative, reinforcing expectations that cuts could wait until early next year.

U.S. ISM services PMI edged lower but remained in expansion. The reading pointed to moderating demand, easing fears of an overheating economy and supporting the day’s equity advance.

Department of Labor reported initial jobless claims declined. The data underscored a still-tight labor market, complicating the Fed’s path but boosting consumer sentiment toward steady employment.

Energy Information Administration said crude inventories fell sharply. The unexpected drawdown lifted oil prices intraday before paring gains, offering a tailwind to select energy shares.

Dell Technologies posted record AI server revenue and raised guidance. The upbeat outlook ignited a 15.76% share price jump and fueled optimism for broader enterprise tech spending.

Nvidia unveiled next-gen AI inference software. Analysts said the tools could deepen its data-center moat, helping drive the stock up 3.21% to fresh peaks.

Credo Technology launched a $500 million secondary share sale. Dilution concerns sparked a 20.04% slide, making the chip-connectivity firm the S&P’s worst performer.

Meta Platforms rolled out AI ad-creation features to all advertisers. Broader deployment boosted confidence in revenue growth, sending the stock up 2.47%.

Palantir’s CFO flagged a slower federal contract pipeline at a conference. The cautious tone prompted a 5.83% drop as investors reassessed near-term growth.

Youdao missed quarterly sales estimates and issued soft guidance. Shares of the China-based ed-tech company fell 9.15%, weighing on the broader ADR complex.