Nvidia reversal moves whole stock market higher, proving again its unprecedented influence

There's no denying how important Nvidia is to the stock market. The chipmaker reported better-than-anticipated third-quarter results and issued strong guidance. However, elevated investor expectations and a slight slowdown in revenue growth initially sent the stock down around 3% in the premarket. Stock futures followed Nvidia's lead, riding slight losses at the time. Then the turnaround happened. Nvidia shares pared losses throughout the morning and turned positive around 8:15 a.m. ET.

mountain NVDA recovers "There was little to change the narrative that AI investments remain strong and NVDA remains the best positioned to benefit from that spending," Barclays traders wrote. "While there will likely be investors concerns again next earnings on positioning/high expectations ... the data points and sentiment are likely to remain noticeably positive intra-quarter.

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