Stock Market Today, Sept. 2: Dell Helps Stocks Edge Higher Despite Geopolitical Tensions
The Dow Jones Industrial Average (DJINDICES:^DJI) gained 0.56% to 53,062, the S&P 500 (SNPINDEX:^GSPC) rose 0.47% to 7,667, and the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.45% to 26,218, as the major indexes snapped multi-day losing streaks despite persistent geopolitical tensions.
Today's biggest moves
Dell Technologies (NYSE:DELL) shares surged after the hardware giant lifted its annual revenue forecast, while Nvidia (NASDAQ:NVDA) helped lead the technology recovery.
Investors also monitored Snowflake (NYSE:SNOW) and Broadcom (NASDAQ:AVGO) as the technology firms prepared to report quarterly results after hours, following a significant year-to-date rally.
What this means for investors
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 (NASDAQ:PANW) 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 (NASDAQ:GOOG) (NASDAQ:GOOGL) 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.
Lastly, Snowflake and Broadcom are currently reporting earnings after hours. As of 5 p.m. ET, Snowflake is up 22% after soaring past estimates, while Broadcom has slid 4% after guidance disappointed.
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Josh Kohn-Lindquist has positions in Alphabet, Nvidia, and Snowflake. The Motley Fool has positions in and recommends Alphabet, Broadcom, Nvidia, and Snowflake. The Motley Fool recommends Palo Alto Networks. The Motley Fool has a disclosure policy.
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