Salesforce

Nvidia’s surge helped lift the Nasdaq as software and cybersecurity shares joined semiconductor strength in one of the broadest AI bids of the quarter. Still, higher Treasury yields, rising crude prices and cautious Federal Reserve commentary kept the rally from spreading across consumer and hardware stocks.

The Nasdaq 100 pushed higher as Nvidia’s surge revived confidence in the AI trade and helped software and cybersecurity shares draw renewed demand. Market breadth remained thin, however, while hotter inflation signals and hawkish Fed commentary kept rate risk in focus.

Amazon’s strong move and lower oil prices helped support major stock indexes, while semiconductor weakness kept the rally uneven. Strong ISM manufacturing signals put the focus back on the Fed and Friday’s payrolls report.