Nasdaq-100 futures saw an increase on Thursday as investors examined the latest quarterly results from NVIDIA. The chipmaker’s stock rose by 6% in after-hours trading, surpassing $1,000 per share, following the release of better-than-expected fiscal first quarter results and announcing a 10 for 1 stock split. NVIDIA’s fiscal second quarter revenue guidance of about $28 billion exceeded analyst forecasts, indicating strong momentum for the company. Snowflake also experienced a 4% increase in revenue growth.
The focus on NVIDIA’s results is due to the ongoing interest in artificial intelligence and its impact on the market. With a market capitalization of $2.3 trillion, NVIDIA has a significant influence on the broader market. The company’s performance, along with that of other mega-cap tech peers, has been a key driver of market gains in 2024.
Stocks faced a decline during Wednesday’s session following concerns raised by the Federal Reserve’s May meeting minutes regarding persistent inflation and the possibility of delayed interest rate cuts. The Dow fell by 0.51%, marking its worst session in May, while the S&P 500 and Nasdaq Composite also experienced losses.
The first-quarter reporting season is wrapping up with upcoming results from companies like Ralph Lauren, BJ’s Wholesale, and Workday. Additionally, investors are eagerly awaiting data on weekly jobless claims and new home sales for April.
In summary, Nasdaq-100 futures rose as investors digested NVIDIA’s strong quarterly results, while concerns about inflation and Fed policy weighed on the broader market. NVIDIA’s performance and guidance have reinforced optimism around the company’s growth prospects, signaling continued interest in AI-related investments. The ongoing reporting season and economic data releases are also factors contributing to market sentiment.
Article Source
https://www.cnbc.com/2024/05/22/stock-market-today-live-updates.html