Stocks ease past Nvidia blues, crude oil rebounds

NEW YORK, Aug 29 - Global shares edged higher on Thursday, shrugging off investor disappointment at artificial intelligence powerhouse Nvidia's results, while oil prices rebounded from two sessions of losses helped by Libyan supply disruptions.

Nvidia beat analyst estimates on Wednesday with second quarter revenue of $30 billion and third quarter revenue forecast at $32.5 billion. But the results failed to meet lofty investor expectations that have underpinned a massive rally in Nvidia shares and catapulted the company into one of the main drivers of the benchmark S&P 500. The stock was last down 3.3%.

The U.S. economy grew at a 3.0% annualized rate last quarter, according to Commerce Department data on Thursday, indicating that the Federal Reserve would have room to begin cutting rates in September. "The economy is doing a little bit better than expected. If you break down the number you see once again, it's the intrepid consumer that is continuing to consume, which is very positive for the economy," Malek added.

United States United States Latest News, United States United States Headlines

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

Stock market news today: Stocks rally before Fed as Nvidia surges 7%A tech revival is helping lift stocks, with the Federal Reserve's rate decision on deck.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Stocks rally before Fed decision as Nvidia surgesA tech revival is helping lift stocks, with the Federal Reserve's rate decision on deck.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: Stocks rally after Fed decision, Nvidia surgesA tech revival is helping lift stocks, as investors digest the Federal Reserve's decision to hold interest rates steady.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Nvidia stock falls more than 5%, reversing Wednesday’s rally as chip stocks lead market lowerChip stocks led a tech-fueled sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Nvidia stock falls more than 6%, reversing Wednesday’s rally as chip stocks lead market lowerChip stocks led a tech-fueled sell-off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Nvidia falls more than 5% as chip stocks hammered againNvidia stock leads a drop in chip stocks again as one of the year's hottest trades comes under heavy pressure on Friday.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »