News Formal

Stock market today: Tech stocks rally after blowout Nvidia profit, while rest of Wall Street drifts

  • 📰 CTVNews
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 99%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

Technology stocks are jumping in early trading following a blowout profit report from Nvidia, but moves for the rest of Wall Street are more muted. The S&P 500 was 0.3% higher early Thursday, continuing a strong week that has trimmed its loss for August so far.

Nvidia was at the centre of the run after it reported much stronger profit and revenue for the latest quarter than expected. That raised hopes that this year's frenzy around artificial-intelligence technology isn't just hype. Nvidia rose 4.9%.Wall Street was mixed in premarket trading early Thursday after chipmaker Nvidia reported blowout earnings, pushing Nasdaq futures higher.Futures for the S&P 500 gained 0.6% before the bell, the Nasdaq jumped 1.

Nvidia's second-quarter sales doubled from the same time last year to $13.51 billion, culminating in a profit of $6.2 billion, or $2.48 per share. That's than nine times more than the company made a year ago, and the momentum is still building. The Santa Clara, California, company predicted revenue of $16 billion for the third quarter, nearly tripling results from the year-ago period. Analysts had expected $12.6 billion in revenue for that period.

The hope among traders has been that the Fed has already hiked rates for the final time this cycle and that it will begin cutting rates early next year. But such hopes have been diminishing with each stronger-than-expected report on the economy that's come in recently.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street ticks higher in early trading, led again by Big TechNEW YORK (AP) — Wall Street is ticking higher in early trading, on track for its first back-to-back gain in what’s been a miserable August. The S&P 500 was up 0.3% early Tuesday, coming off a gain powered by Big Tech stocks.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street drifts a day after a rare August climb for stocksNEW YORK (AP) — Wall Street is drifting Tuesday and may be heading toward its first back-to-back gain in what’s been a miserable August. The S&P 500 was up 0.1% in early trading, coming off a gain from Monday powered by Big Tech stocks.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street stalls a day after a rare August gainNEW YORK (AP) — Wall Street drifted to a mixed closed ahead of a couple potentially market-shaking events later in the week. The S&P 500 fell 0.3% Tuesday, coming off a rare August gain that was powered by Big Tech.
Source: SooToday - 🏆 8. / 85 Read more »