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Home News Nasdaq Futures Jump After Nvidia Issues Strong Forecast

Nasdaq Futures Jump After Nvidia Issues Strong Forecast

by Barbara

Nasdaq-100 futures surged 0.9% on Thursday as Wall Street reacted to Nvidia’s latest quarterly results. S&P 500 futures increased by 0.5%, and Dow Jones Industrial Average futures rose by 29 points, or 0.07%.

Nvidia, a leading chipmaker and prominent player in artificial intelligence, saw its shares climb 6% in extended trading, surpassing $1,000. This followed stronger-than-expected fiscal first-quarter results and the announcement of a 10-for-1 stock split.

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Nvidia’s fiscal second-quarter revenue guidance of approximately $28 billion exceeded the LSEG consensus forecast of $26.61 billion, indicating sustained momentum. Analysts project a profit of $5.95 per share for the company.

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Snowflake also experienced a 4% rise after surpassing revenue expectations.

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Nvidia’s results have been closely watched on Wall Street, with investors seeking signs of continued enthusiasm around AI. With a market cap of $2.3 trillion, Nvidia significantly influences the broader S&P 500. The stock, alongside other AI and megacap technology peers, has driven market gains into 2024. Chris Senyek of Wolfe Research noted that a strong performance from Nvidia would provide a “key tailwind” for equities.

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“Even with enormous expectations, the company delivered once again,” commented Ryan Detrick, chief market strategist at Carson Group. “Data center revenue was robust, and future revenue projections were impressive. The high bar was set and surpassed once more.”

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Stocks declined during Wednesday’s session after minutes from the Federal Reserve’s May meeting raised concerns about persistent inflation and potential delays in rate cuts. The Dow dropped 0.51%, marking its worst session in May. The S&P 500 fell 0.27%, and the Nasdaq Composite slid 0.18%.

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The final stage of the first-quarter reporting season continues on Thursday with results from Ralph Lauren, BJ’s Wholesale, Workday, and others. On the economic front, investors are awaiting weekly jobless claims and new home sales data for April.

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