Categories: STOCK MARKET

US Stock Futures Rise After Strong Nvidia Results; Asian Markets Dip

US stock futures climbed on Thursday following strong earnings results from Nvidia Corp., while Asian stocks saw a downturn at the open. Nvidia’s impressive performance buoyed investor sentiment, leading to gains in the S&P 500 and Nasdaq 100 futures.

Key Highlights:

Nvidia’s Impact:

  • Nvidia reported second-quarter revenue projections of approximately $28 billion, exceeding analyst estimates.
  • The company also announced a 10-for-1 stock split and a 150% increase in its quarterly dividend to 10 cents per share.
  • Nvidia shares surged as much as 7% in after-hours trading, driving up futures for the S&P 500 and Nasdaq 100 indexes.

Asian Market Performance:

  • Shares in Japan, South Korea, and Australia fell, accompanied by declines in Hong Kong equity futures.
  • The S&P 500 had dropped 0.3% on Wednesday, while the Nasdaq 100 remained relatively stable.

Treasuries and Fed Outlook:

  • US Treasuries remained steady in Asian trading after a sell-off on Wednesday increased yields, particularly the two-year yield, which rose by four basis points.
  • Federal Reserve minutes revealed that many officials are uncertain about the extent to which current policies are restricting the economy, though the policy is seen as restrictive overall.

Currency Movements:

  • The dollar maintained its strength from the previous session, hitting a one-week high.
  • The Japanese yen was stable against the dollar, maintaining its lowest level since late April.

Economic Reports:

  • A busy day in Asia includes inflation data from Singapore, price expectations for Australia, and China’s April Swift payments data.
  • South Korea’s monetary policy decision is awaited, with markets in Indonesia closed.
  • Singapore’s GDP rose slightly in the first quarter, exceeding expectations.

Tech Sector Earnings:

  • US tech earnings have been robust this season, with the sector leading market revisions.
  • Solita Marcelli of UBS Global Wealth Management expressed optimism about the AI trend and the strong market positions of big tech companies.
  • Tom Essaye of the Sevens Report emphasized Nvidia’s importance in the market and noted the trend towards a broadening market.

Other Market Developments:

  • Goldman Sachs CEO David Solomon expects the Fed will not cut rates this year due to a resilient economy bolstered by government spending.
  • Anglo American Plc has agreed to talks with BHP Group following a rejected $49 billion proposal.
  • The US Justice Department is set to sue Live Nation Entertainment Inc. for antitrust violations related to Ticketmaster’s control over concert ticket sales.

Commodity Markets:

  • Gold edged higher after a significant drop on Wednesday due to the Fed’s meeting minutes indicating delayed rate cuts.
  • West Texas Intermediate crude oil fell for the fourth consecutive day.
  • Copper prices dropped sharply on signs of weakening demand.

Conclusion: Nvidia’s robust earnings have provided a boost to US stock futures, although the broader market remains cautious due to ongoing economic uncertainties and Federal Reserve policies. The performance of tech companies continues to be a bright spot, while commodities and Asian markets face pressures from various economic signals.

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Ashutosh Dubey

legal journalist,Public Affair Advisor AND Founding Editor - kanishksocialmedia-BROADCASTING MEDIA PRODUCTION COMPANY,LEGAL PUBLISHER

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