US stocks opened higher on Thursday, with the Nasdaq Composite and S&P 500 gaining as investors reacted positively to the latest earnings reports from major technology companies. The Nasdaq Composite rose about 0.8%, while the S&P 500 gained 0.4%. The Dow Jones Industrial Average was up 35 points, or 0.1%, as trading progressed.Stock market today: US stocks rise as Nvidia leads tech gains, while investors watch Fed signals, jobless claims and possible semiconductor tariffs. (Getty Images via AFP)Nvidia was the biggest driver of the market move. Nvidia shares jumped 7% after the chipmaker beat analysts’ expectations and gave a strong revenue outlook. Nvidia’s latest results also showed how strong demand for artificial intelligence chips remains. The company’s fiscal second-quarter revenue more than doubled, adding to investor confidence in the AI boom.Nvidia stock risesNvidia’s expected growth is also attracting attention. Revenue growth is projected to reach 70% in fiscal 2028, compared with the 44% growth expected by analysts surveyed by LSEG, according to CNBC. The latest jump could help Nvidia break a recent pattern in which its shares fell even after the company reported better-than-expected results.Also read: Can Nvidia's revenue grow 70% next year as AI demand surges?AI stocks gainUBS said it remains confident about the wider AI growth story. A team led by Mark Haefele, UBS Global Wealth Management’s chief investment officer, said AI remains a key driver of its positive outlook for markets. UBS also warned that concerns around AI spending and some AI financing deals could still create periods of volatility in technology stocks. However, UBS said the latest earnings season has shown that the fundamentals of the AI sector remain strong, despite those concerns.Tech stocks riseOther semiconductor stocks also moved higher after Nvidia’s results. Broadcom and Marvell Technology each gained about 2%, while SK Hynix and Arm rose around 4%. Salesforce was another major winner. Its shares jumped 13% after the company reported second-quarter revenue above Wall Street expectations.Okta shares soared more than 20% after the company beat analyst expectations and reported strong demand linked to agentic AI. The three major US stock indexes had ended Wednesday’s session little changed, as investors waited for fresh earnings results and new signals from the Federal Reserve.Federal Reserve meetingInvestors are also closely watching the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, which began Thursday. The event could provide clues about the central bank’s future interest-rate decisions. The S&P 500 and Nasdaq moved higher shortly after Thursday’s opening bell. The S&P 500 was up 0.4% just after 9:30 a.m. ET, while the Nasdaq gained 0.9% at that point.The Dow was moving in the opposite direction around the open, falling about 50 points, or 0.1%, before later trading slightly higher. Inflation remains a concern for the Federal Reserve. Kansas City Federal Reserve President Jeffrey Schmid said inflation is still too high and has remained resilient.Also read: Meta US teen safety deal exposes Australia’s under-16 social media ban struggleSchmid said inflation is “stubborn” and “sticky”, adding that the Federal Reserve still has work to do to bring inflation down. Schmid did not call for an interest-rate hike, despite his comments on inflation. He said the central bank will have to keep working on the issue as it moves into the next Federal Open Market Committee cycle.US jobless claimsThe US jobs market also showed signs of stability. Initial jobless claims fell last week, keeping the recent trend of relatively low layoffs in place, according to the US Labor Department. Initial unemployment claims came in at 203,000 for the week ended August 22, down 4,000 from the previous week.The figure was also below the Dow Jones estimate of 208,000, showing that fewer Americans filed new claims than economists had expected. Continuing jobless claims also fell. They dropped by 18,000 to 1.78 million, according to the Labor Department. Several major companies also made big moves before the market opened.Dollar General stockDollar General shares jumped 12% after the discount retailer raised its full-year earnings guidance. Dollar General now expects full-year profit of $7.80 to $8 per share, compared with its earlier forecast of $7.20 to $7.45 per share.The company also said it plans to repurchase shares under its existing buyback programme during the second half of its fiscal year ending January 29, 2027. HP shares dropped nearly 11%, even though the PC maker reported fiscal third-quarter results that beat Wall Street expectations. HP also gave full-year earnings guidance above expectations, but investors still pushed the stock lower.Abercrombie stock fallsAbercrombie & Fitch shares fell 1.4% after Citi downgraded the retailer to neutral from buy. Citi said there may be limited upside left in the stock after its strong recent rally. Abercrombie shares had already gained about 35% earlier this week after the company beat second-quarter estimates and raised its full-year outlook.Semiconductor tariffsSemiconductor tariffs are another issue investors are watching. Politico reported Thursday that the Trump administration is considering new tariffs on semiconductors and related products.Politico, citing eight anonymous sources, reported that President Donald Trump is considering a plan that could cover many more products. The tariffs may not be limited to semiconductor chips. They could also affect products that use these chips, such as laptops, data-centre servers and gaming consoles.Technology and semiconductor stocks were leading the market higher, helped by Nvidia’s strong results and outlook. Investors are also watching the Federal Reserve, jobs data and possible new semiconductor tariffs for the next big market signal.