Upbeat Nvidia Earnings, Guidance May Lead To Continued Strength On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Thursday, 24 August 2023 09:03:18 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Thursday, with stocks likely to see further upside after moving sharply higher over the course of the previous session. Early buying interest may be generated amid a positive reaction to earnings news from Nvidia (NVDA), with the chipmaker spiking by 6.4 percent in pre-market trading. The spike by Nvidia comes after the company reported fiscal second quarter results that far exceeded analyst estimates and provided upbeat guidance amid optimism about demand for AI chips. ?Any disappointment in [Nvidia?s] latest results would have gone down like a lead balloon. It could have hurt investor sentiment and caused contagion elsewhere in the markets,? said AJ Bell investment director Russ Mould. ?Fortunately, it?s pulled another rabbit out of the hat and given investors everything they wanted and more,? he added. ?This appears to have sprinkled some magic dust on the markets and provided new impetus to share prices.? However, traders may be somewhat reluctant to continue buying stocks ahead of the highly anticipated economic symposium in Jackson Hole, Wyoming, which gets underway later today. The symposium will feature meetings by global central bank leaders as well as a speech by Federal Reserve Chair Jerome Powell on Friday that could impact the outlook for interest rates. Stocks moved sharply higher over the course of the trading day on Wednesday, with the major averages all moving to the upside after ending Tuesday's session mixed. The Nasdaq led the charge amid a rally by technology stocks. The major averages pulled back off their best levels going into the close but remained firmly positive. The Nasdaq surged 215.16 points or 1.6 percent to 13,721.03, the S&P 500 jumped 48.46 points or 1.1 percent to 4,436.01 and the Dow climbed 184.15 points or 0.5 percent to 34,472.98. The spike by the Nasdaq came as tech stocks rallied ahead of the earnings news from Nvidia, with the chipmaker releasing its fiscal second quarter results after the close of trading. "When the trading week is over, the key for stocks might not be Jackson Hole, but Nvidia's outlook for the AI trade," said Edward Moya, senior market analyst at OANDA. He added, "Wall Street has already priced in higher for longer, but they are unsure if Nvidia will be able to bolster confidence for the mega-cap tech trade." A steep drop by bond yields also generated some buying interest, as the ten-year yield pulled back further off highest levels in well over fifteen years. The strength on Wall Street was also partly attributed to some disappointing economic data, which helped ease recent concerns about the outlook for interest rates. S&P Global released data showing a slowdown in the pace of growth in service sector activity in the month of August as well as a contraction in manufacturing activity during the month. Meanwhile, the Commerce Department released a separate report showing new home sales rebounded by much more than expected in the month of July. The Commerce Department said new home sales spiked by 4.4 percent to an annual rate of 714,000 in July after tumbling by 2.8 percent to a revised rate of 684,000 in June. Economists had expected new home sales to jump by 1.2 percent to a rate of 705,000 from the 697,000 originally reported for the previous month. With the much bigger than expected increase, new home sales reached their highest annual rate since hitting 773,000 in February 2022. Gold stocks showed a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 3.3 percent. The rally by gold stocks came amid a sharp increase by the price of the precious metal. Semiconductor, computer hardware and software stocks have also moved significantly higher, contributing to the surge by the tech-heavy Nasdaq. Housing stocks also saw considerable strength following the upbeat new home sales data, resulting in a 1.6 percent gain by the Philadelphia Housing Sector Index. Most of the other major sectors also moved to the upside on the day, with notable strength visible among commercial real estate, brokerage and airline stocks. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( With aircraft demand pulling back sharply following recent strength, the Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods tumbled by more than expected in the month of July. The Commerce Department said durable goods orders plunged by 5.2 percent in July after surging by a revised 4.4 percent in June. Economists had expected durable goods orders to slump by 4.0 percent compared to the 4.6 percent jump that had been reported for the previous month. Excluding the pullback in orders for transportation equipment, durable goods orders rose by 0.5 percent in July after inching up by 0.2 percent in June. Ex-transportation orders were expected to edge up by 0.2 percent. The Labor Department also released a report on Thursday unexpectedly showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended August 19th. The report said initial jobless claims slipped to 230,000, a decrease of 10,000 from the previous week?s revised level of 240,000. Economists had expected jobless claims to inch up to 240,000 from the 239,000 originally reported for the previous week. Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 236,750, an increase of 2,250 from the previous week's revised average of 234,500. At 11 am ET, the Treasury Department is scheduled to announce the details of this month?s auctions of two-year, five-year and seven-year notes. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of Guess (GES) are moving sharply higher in pre-market trading after the apparel company reported better than expected fiscal second quarter earnings. Cloud services provider Splunk (SPLK) is also likely to see initial strength after reporting fiscal second quarter results that exceeded analyst estimates on both the top and bottom lines. On the other hand, shares of Dollar Tree (DLTR) may come under pressure after the discount retailer reported better than expected fiscal second quarter results but provided disappointing guidance for the current quarter. Pet car retailer Petco Health and Wellness (WOOF) is also seeing pre-market weakness after forecasting full-year earnings below analyst estimates. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks are little changed during trading on Thursday despite Nvidia?s blockbuster earnings and bullish outlook and a retreat by global bond yields. While the U.K.?s FTSE 100 Index is up by 0.2 percent, the French CAC 40 Index and the German DAX Index are lingering near the unchanged line. Tech shares were seeing broad-based gains after technology giant Nvidia said its sales have hit a record. UBS Group shares has also risen. Swiss lender Credit Suisse, now part of UBS Group, said it has dropped its plan for an initial public offering of its real-estate fund, citing low trading volumes for listed Swiss real-estate funds. Danish allergy immunotherapy specialist Alk-Abello has moved sharply higher after its second quarter operating profit nearly doubled from last year. On the other hand, Norwegian Air has plummeted after reporting a decrease in second-quarter net profit. Harbour Energy has also declined after narrowing its full-year production guidance to the lower end of the range. Hunting has also plunged. The oil services firm said it was further restructuring its operating footprint and disposing non-core exploration and production assets in a bid to cut costs. On a light day on the economic front, a survey showed French manufacturing confidence deteriorated to the lowest since early 2021 on weak assessment of order books and past production. The manufacturing sentiment index slid to 96 in August from 101 in July, according to survey results published by the statistical office INSEE. This was the lowest reading since January 2021 and below economists' forecast of 99. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks ended mostly higher on Thursday as bond yields retreated from recent highs on the back of August PMI data signaling weaker economic activity in Asia, Europe and the U.S. Blockbuster earnings and a bullish outlook from Nvidia also offered some support as investors looked ahead to the Federal Reserve's upcoming Jackson Hole symposium. The dollar fell in Asian trading on improved risk sentiment and gold climbed to two-week highs, while oil extended overnight losses on fuel demand concerns. Chinese shares ended slightly higher, with the benchmark Shanghai Composite Index inching up 0.1 percent to 3,082.24. Hong Kong's Hang Seng Index shot up 2.1 percent to 18,202.17, led by gains in the technology sector. Japanese stocks extended gains for a fourth consecutive session, with tech stocks leading the surge. The Nikkei 225 Index advanced 0.9 percent to 32,287.21, while the broader Topix Index ended 0.4 percent higher at 2,286.59. Advantest, Tokyo Electron, Screen Holdings rose 1-3 percent, while AI-focused startup investor SoftBank Group added 2.7 percent. Pacific Metals soared 5.1 percent after it announced a deal to develop nickel refining technology using microwaves. Seoul stocks rallied after the Bank of Korea held interest rates steady, as expected, for a fourth straight month. The Kospi jumped 1.3 percent to 2,537.68, led by heavyweight technology stocks. Samsung Electronics gained 1.6 percent and SK Hynix surged 4.2 percent. Australian markets rose for a third straight session, with financials and gold miners pacing the gainers. The benchmark S&P/ASX 200 Index rose 0.5 percent to 7,182.10, while the broader All Ordinaries Index settled 0.5 percent higher at 7,400.60. Whitehaven Coal plunged 5.1 percent after forecasting weaker-than-expected annual managed coal output and suspending a buyback program. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are edging down $0.05 to $78.84 a barrel after sliding $0.75 to $78.89 a barrel on Wednesday. Meanwhile, after jumping $22.10 to $1,948.10 an ounce in the previous session, gold futures are slipping $6.80 to $1,941.30 an ounce. On the currency front, the U.S. dollar is trading at 145.89 yen versus the 144.84 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0819 compared to yesterday?s $1.0863. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49