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Stocks ease past Nvidia blues, crude oil rebounds

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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.

 

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