Stock Market Today, Sept. 2: Dell Helps Stocks Edge Higher Despite Geopolitical Tensions
Yahoo Finance ·
The Dow Jones Industrial Average ( ^DJI +0.56% ) gained 0.56% to 53,062, the S&P 500 ( ^GSPC +0.46% ) rose 0.47% to 7,667, and the Nasdaq Composite ( ^IXIC +0.45% ) added 0.45% to 26,218, as the major indexes snapped multi-day losing streaks despite persistent geopolitical tensions. Dell Technologies ( DELL +15.81% ) shares surged after the hardware giant lifted its annual revenue forecast, while Nvidia ( NVDA +3.21% ) helped lead the technology recovery. Investors also monitored Snowflake ( SNOW -4.37% ) and Broadcom ( AVGO -0.66% ) as the technology firms prepared to report quarterly results after hours, following a significant year-to-date rally. Perhaps the biggest news item today in the stock market came from Dell Technologies, which rose 16% after reporting blowout earnings. Sales and adjusted EPS rose 58% and 203% in the quarter, while its AI-Optimized Server business doubled its revenue. Most importantly, the AI unit recorded $61 billion in orders, bringing its backlog to over $95 billion and underscoring the company's growing importance in the AI space. On the other hand, cybersecurity juggernaut Palo Alto Networks ( PANW -9.28% ) dropped 9% today after reporting fine (but not perfect) earnings. This decline is likely nothing for interested or current shareholders to worry about, as PANW stock was trading close to perfection after more than doubling over the last six months. Elsewhere, a federal judge ruled that Alphabet's ( GOOG +0.53% ) ( GOOGL +0.63% ) Google does not need to break up its dominant adtech business, as the Department of Justice had suggested. The judge did, however, stop certain practices where Google could decide how publishers use its ad technology.
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