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Snowflake surges on upbeat 2026 product revenue forecast

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Salesforce ( CRM ) falls on downbeat annual revenue forecast

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US weekly jobless claims rise more than expected

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Indexes: Dow up 0.84%, S&P 500 up 0.06%, Nasdaq slips

0.50%

(Updates to mid-session trading)

By Johann M Cherian and Sukriti Gupta

Feb 26 (Reuters) - Wall Street's main indexes were mixed

on Thursday as Nvidia ( NVDA ) shares swung to losses after investors

refocused on signs of increased AI spending in the industry, and

data pointed to a cooling U.S. economy.

Nvidia ( NVDA ) was down 3.5% - a contrast to outsized

gains booked following some of its earlier results

announcements. The company forecast upbeat quarterly revenue but

its first-quarter gross margin outlook was below expectations.

Fellow chipmakers Broadcom ( AVGO ) and Advanced Micro

Devices ( AMD ) also fell, driving the broader chip index

down 2.2%. Alphabet and Microsoft, among

Nvidia's ( NVDA ) biggest customers, slipped 1% and 0.3%.

The launch of low-cost AI models from China's DeepSeek in

January had cooled a two-year bull run on Wall Street, with

Nvidia ( NVDA ) losing half a trillion dollars in market value in a

single day. More recently, an analyst report suggesting

Microsoft was scrapping some data center leases also raised

concerns of overcapacity.

"Nvidia's ( NVDA ) earnings were good but not like the blockbuster

earnings that they've been delivering for a while," said Scott

Welch, chief investment officer at Certuity.

"Any company that is successful in bringing forward capable

artificial intelligence at a lower cost - that's going to have

an effect on these big mega cap tech stocks."

At 11:32 a.m. ET, the Dow Jones Industrial Average

rose 366.96 points, or 0.84%, to 43,800.08, the S&P 500

gained 3.35 points, or 0.06%, to 5,959.41 and the Nasdaq

Composite lost 96.21 points, or 0.50%, to 18,977.49.

Investors rotated to other areas of the market. Energy

stocks gained 1%, tracking a 2% jump in crude prices

after U.S. President Donald Trump canceled oil major Chevron's

Venezuela license.

Gains among financials stocks such as Travelers

and Visa aided the blue-chip Dow's rise.

Dampening some risk-taking, data showed jobless claims

jumped more than expected in the previous week, while another

report reiterated that economic growth slowed in the fourth

quarter.

Thursday's data comes on the heels of multiple reports over

the past week that suggested the economy was stalling, fears of

which have also put all three major U.S. indexes on track for

monthly declines.

On the trade front, U.S. President Donald Trump floated a

25% "reciprocal" tariff on European cars and other goods. He

also said the proposed tariffs on Mexico and Canada will go into

effect on March 4 as scheduled.

Focus will now shift to the monthly Personal Consumption

Expenditure data, the Federal Reserve's preferred inflation

gauge, due on Friday.

Traders expect the Fed to lower borrowing costs by at least

50 basis points by December, according to data compiled by LSEG.

Salesforce ( CRM ) forecast fiscal 2026 revenue below

expectations, sending shares of the business software provider

down 1.4%.

Snowflake rose 10% after the data analytics

provider forecast fiscal 2026 product revenue above estimates.

Viatris ( VTRS ) slumped 16.3% after the drugmaker forecast

downbeat annual results, while Warner Bros Discovery ( WBD )

jumped 5.1% after saying it expects streaming profits to double

this year.

Declining issues outnumbered advancers by a 1.09-to-1 ratio

on the NYSE and by a 1.2-to-1 ratio on the Nasdaq.

The S&P 500 posted 17 new 52-week highs and five new lows

while the Nasdaq Composite recorded 30 new highs and 155 new

lows.