Nvidia Beating Earnings Was Not Enough for a Post Market Surge | Wall Street Today
The market fell Wednesday ahead of Nvidia earnings, and Nvidia fell after hours despite beating estimates: The firm's forward projections were below the highest of estimates. Traders are waking up to a more complicated market on Thursday.
Index prices reflected traders holding their breath. Just before 4 pm ET, the $S&P 500 Index (.SPX.US)$ traded -0.60%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.39%, and the $Nasdaq Composite Index (.IXIC.US)$ shed 1.12%.
MACRO
Every sector on the S&P 500 was in the green Friday after the Federal Reserve rate cut news, but Fed President Jerome Powell did not specify the timeline of these rate cuts. Still, he said he was confident the economy was on the way to 2% inflation. "The time has come to adjust, and the direction is clear," Powell said.
This week in macro, investors can look forward to more macroeconomic data that might inform how the FOMC will decide on rate cuts. CB Consumer Confidence came out Tuesday morning, showing a jump in expectations. Crude Oil Inventories came out Wednesday morning, showing a cut of 800,000 barrels compared to last week's drop of 4 million.
Investors await a speech from Atlanta Fed President Raphael Bostic after 6 p.m. ET. Continuing and Initial Jobless claims will drop on Thursday alongside updated GDP numbers for the second quarter.
Friday, we will see the release of the July person Consumption Expenditure index (PCE), the Fed's favorite inflation measure. Last time, the PCE came in at 2.6% year over year, the lowest since 2021. Michigan consumer expectations and confidence will also drop on Friday.
SECTORS
$Crude Oil Futures(NOV4) (CLmain.US)$ fell slightly after a small drop in oil supply this week. Within industries tracked by moomoo, Semiconductors fell 3%, lead by $Arm Holdings (ARM.US)$ -7%, $Micron Technology (MU.US)$ -5% and Nvidia fell 4% as the cash cow sector awaiting the firms results.
MOOVERS
$NVIDIA (NVDA.US)$ reported Q2 earnings that beat expectations Wednesday. The stock fell after the results. The firm showed adjusted EPS of $0.68/share, and a $50B stock buyback. Analysts expected just $0.65/share. The firm reported a revenue of $30.04B, up 15% QoQ and 122% from last year.
HP $HP Inc (HPQ.US)$ reported quarterly earnings Wednesday of $0.83 per share which missed the analyst consensus estimate of $0.86 by 3.49 percent.
Five Below $Five Below (FIVE.US)$ reported quarterly earnings of $0.54 per share, beating estimates and sending the stock price over 10% higher.
Affirm Holdings $Affirm Holdings (AFRM.US)$ reported quarterly losses of $(0.14) per share which beat the analyst consensus estimate of $(0.51) by 72.55 percent.
$Super Micro Computer (SMCI.US)$ shares fell more than 20% Wednesday afternoon after the company announced that it will delay its Form 10-K filing. SMCI was down 27% for the day at one point.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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