Nvidia Quarter Propels Markets

(MENAFN- Baystreet.ca) Nvidia Quarter Propels Markets


Futures tied to the S&P 500 and NASDAQ-100 jumped Thursday as investors cheered the latest quarterly results from Nvidia. Meanwhile, Dow Jones Industrial Average futures slid after Fitch Ratings placed the United States' AAA rating on a negative rating watch.
Futures for the Dow Jones Industrials dived 69 points, or 0.2%, at 32,785.
Futures for the S&P 500 moved higher 28.25 points, or 0.7% to 4,154.25.
Futures for the nasdaq Composite rocketed 285 points, or 2.1%, to 13,935.25.
Nvidia shares surged 27% in the premarket trading after the artificial intelligence beneficiary gave stronger-than-expected revenue guidance for its fiscal second quarter, while also reporting beats on the top and bottom line in the previous quarter. Several analysts covering the stock hiked their price targets on the stock following the results.
Other semiconductor stocks followed Nvidia higher, including AMD, up 6.4%, and Taiwan Semiconductor, which rose 9.7%.
Meanwhile, Fitch Ratings put the U.S.' AAA long-term foreign-currency issuer default rating on a negative watch. The rating agency said the ongoing debt ceiling negotiations have raised the risks that the government could miss payments on some of its obligations. However, Fitch said it still expects a resolution before the X-date.
In Japan, the Nikkei 225 gained 0.4% Thursday, while in Hong Kong, the Hang Seng leaned lower 1.9%.
Oil prices sank $1.37 to $72.97 U.S. a barrel.
Gold prices dipped $1.40 to $1,963.20 U.S. an ounce.



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