Nasdaq Futures Rise Amid Nvidia Forecasts
Nasdaq and S&P 500 futures edged higher after Nvidia's forecasts met expectations. Nvidia's stock fell 2% in premarket trading, impacting semiconductor peers. Gains in megacap customers limited the decline. Treasury yields dipped, and markets are hopeful of interest rate cuts amid upcoming economic data. Salesforce reported strong results, while CrowdStrike faced challenges.
Nasdaq and S&P 500 futures pared early losses and edged higher on Thursday following Nvidia's earnings forecast that largely met expectations, easing market concerns.
Shares of the prominent AI chip firm fell 2% in premarket trading after its revenue and gross margin forecasts for the current quarter did not exceed high market expectations. Ryan Detrick, chief market strategist at Carson Group, remarked, 'Nvidia is a great company that is still growing revenue at 122%, but it appears the bar was just set a tad too high this earnings season.'
The decline was somewhat offset by gains in Nvidia's large-cap customers, such as Microsoft, Meta, Alphabet, and Amazon, which saw their stocks rise. Treasury bond yields also dipped slightly. Meanwhile, Salesforce outperformed market expectations with strong second-quarter results, while CrowdStrike faced setbacks after reducing its revenue and profit forecasts.
Economic data set to be released later in the day, including the second estimate of U.S. GDP for the second quarter and weekly jobless claims, could further influence market expectations regarding potential interest rate cuts by the U.S. Federal Reserve in their upcoming September meeting.
(With inputs from agencies.)
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