Nvidia (NVDA) stock rose modestly Thursday morning, following the release of strong earnings and guidance for higher revenue. The artificial intelligence chip leader reported a fiscal Q3 EPS of 102%, a triple-digit year-over-year gain for the sixth straight quarter. Revenue soared 94%.
The Dow Jones futures rose 0.4% vs. fair value, with Nvidia as the newest Dow member. S&P 500 futures climbed 0.3%, and Nasdaq 100 futures advanced 0.3%. The 10-year Treasury yield dipped to 4.4%, while crude oil futures rose 2%.
Nvidia stock turned fractionally higher in premarket trade, reversing from modest-to-solidly overnight lows. It’s set to open in a range of a 140.76 consolidation buy point.
Other AI chip stocks such as Astera Labs (ALAB) and Taiwan Semiconductor (TSM) were little changed. Palo Alto Networks (PANW) and Snowflake (SNOW) also reported their earnings, with PANW stock falling modestly before the open.
The major indexes closed narrowly mixed Wednesday with a strong finish after testing and holding key levels. The Dow Jones Industrial Average rose 0.3%, while the S&P 500 index finished a fraction higher. The Nasdaq composite dipped 0.1%.
Stock market analysts are watching Nvidia’s performance closely, as it is on IBD Leaderboard and SwingTrader. Astera Labs stock and Nvidia are on the IBD 50.
Source: https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-nvidia-earnings-ceo-jensen-huang-nvidia-stock