Upbeat Nvidia Earnings May Lead To Rally On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Thursday, 22 February 2024 08:58:18 [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 sharply higher open on Thursday, with stocks likely to extend the upward move seen late in the previous session. The markets are likely to benefit from a positive reaction to earnings news from Nvidia (NVDA), as the chipmaker is spiking by 12.3 percent in pre-market trading. Nvidia is rallying after reporting better than expected fourth quarter results amid strong demand for its chips to power artificial intelligence. The company also provided upbeat revenue guidance. Shares of Nvidia have skyrocketed this year amid optimism about demand for its AI chips, and traders had been questioning whether its results would support further upside. Ahead of the earnings news, Danni Hewson, head of financial analysis at AJ Bell said Nvidia's results could be ?make or break time for markets? and said the company needed to ?smash it out of the park and show that the AI boom still has momentum.? The futures have seen further upside following the release of a Labor Department report showing an unexpected dip in first-time claims for U.S. unemployment benefits in the week ended February 17th. The Labor Department said initial jobless claims fell to 201,000, a decrease of 12,000 from the previous week?s revised level of 213,000. Economists had expected jobless claims to rise to 218,000 from the 213,000 originally reported for the previous week. With Federal Reserve officials signaling they are not in a hurry to begin cutting interest rates, signs of strength in the labor market may once again be seen as a positive for the markets. Stocks spent most of Wednesday's session in the red but staged a notable recovery attempt going into the close of trading. The Dow and the S&P 500 bounced well off their worst levels and into positive territory, although the tech-heavy Nasdaq still closed lower for the third straight session. While the Nasdaq fell 49.91 points or 0.3 percent to 15,580.90, the Dow inched up 48.44 points or 0.1 percent to 38,612.24 and the S&P 500 crept up 6.29 points or 0.1 percent to 4,981.80. Concerns about the outlook for interest rates weighed on the markets for much of the session, with the major averages falling to their worst levels after the minutes of the Federal Reserve's latest monetary policy meeting revealed most officials remain wary of cutting interest rates "too quickly." The minutes of the late-January meeting said participants acknowledged risks to achieving the Fed's employment and inflation goals were moving into better balance, but they remained highly attentive to inflation risks. "In particular, they saw upside risks to inflation as having diminished but noted that inflation was still above the Committee's longer-run goal," the Fed said. Most participants subsequently highlighted the risks of moving "too quickly" to lower interest rates and emphasized the importance of carefully assessing incoming data in judging whether inflation is moving down sustainably to the Fed's 2 percent target. However, the Fed said a couple of participants pointed to downside risks to the economy associated with maintaining an overly restrictive stance for too long. The late-day recovery may have reflected expectations the Fed will still eventually cut interest rates as well as optimism ahead of the release of fourth quarter results from Nvidia. Despite the late-day recovery by the broader markets, networking stocks continued to see substantial weakness, dragging the NYSE Arca Networking Index down by 3.0 percent to its lowest closing level in over two months. Palto Alto Networks (PANW) led the sector lower, with the cybersecurity company plummeting by 28.4 percent after reporting better than expected fiscal second quarter results but lowering its forecast for full-year revenue growth. Computer hardware and software stocks also saw considerable weakness on the day, contributing to the lower closing by the tech-heavy Nasdaq. Meanwhile, natural gas stocks skyrocketed along with the price of the commodity, resulting in a 2.8 percent surge by the NYSE Arca Natural Gas Index. Oil producer, utilities and oil service stocks also moved notably higher, helping lift the markets well off their lows of the session. --------------------------------------------------------------- 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]( A report released by the Labor Department on Thursday showed an unexpected dip in first-time claims for U.S. unemployment benefits in the week ended February 17th. The Labor Department said initial jobless claims fell to 201,000, a decrease of 12,000 from the previous week?s revised level of 213,000. Economists had expected jobless claims to rise to 218,000 from the 213,000 originally reported for the previous week. The report said the less volatile four-week moving average also edged down to 215,250, a decrease of 3,500 from the previous week's revised average of 218,750. At 10 am ET, the National Association of Realtors is scheduled to release its report on existing home sales in the month of January. Existing home sales are expected to increase to an annual rate of 3.97 million in January after falling to a rate of 3.78 million in December. Federal Reserve Vice Chair Philip Jefferson is also due to speak on the U.S. economic outlook and monetary policy before a Peterson Institute for International Economics webcast at 10 am ET. At 11 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended February 16th. Crude oil inventories are expected to jump by 4.3 million barrels after surging by 12.0 million barrels in the previous week. The Treasury Department is also due to announce the details of this month?s auction of two-year, five-year and seven-year notes at 11 am ET. At 3:15 pm ET, Philadelphia Federal Reserve President Patrick Harker is scheduled to speak on the economic outlook before an event hosted by the University of Delaware Center for Economic Education. Minneapolis Federal Reserve President Neel Kashkari is due to participate in a panel discussion on economic trends and outlook for 2024 and the growth of Minnesota's economy hosted by Northside Economic Opportunity Network Community Conversations at 5 pm ET. Also at 5 pm ET, Federal Reserve Board Governor Lisa Cook is scheduled to speak on "Sources of Uncertainty in the Short Run and the Long Run" before the Annual Conference of the Julis-Rabinowitz Center for Public Policy & Finance. Federal Reserve Board Governor Christopher Waller is due to speak on the economic outlook before the Notre Dame Club of Minnesota and University of St. Thomas Finding Forward Speaker Series at 7:35 pm ET. --------------------------------------------------------------- [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 Moderna (MRNA) are moving sharply higher in pre-market trading after the vaccine maker reported an unexpected fourth quarter profit on stronger than expected revenues. Food delivery company DoorDash (DASH) is also likely to see initial strength after Morgan Stanley upgraded its rating on the company?s stock to Overweight from Equal Weight. On the other hand, shares of Etsy (ETSY) may come under pressure after the online crafts marketplace reported fourth quarter earnings that missed 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 broadly higher on Thursday as investors cheer strong earnings reports and provisional survey data from S&P Global showing the Eurozone private sector shrank at the slowest pace in eight months in February. The flash composite output index posted 48.9 in February, up from 47.9 in the previous month. The services Purchasing Managers' Index rose to a seven-month high of 50.0 from 48.4 a month ago, while the manufacturing PMI fell to 46.1 from 46.6 a month ago. ?There is a glimmer of hope as the eurozone inches towards recovery,? Hamburg Commercial Bank Economist Norman Liebke said. While the German DAX Index has shot up by the 1.5 percent, the French CAC 40 Index is up by 1.1 percent and the U.K.?s FTSE 100 Index is up by 0.1 percent. Infineon Technologies and ASM International have surged after unexpectedly strong revenue forecasts from U.S. chip giant Nvidia. Rolls-Royce has also soared. The engineering firm forecast improved performance in 2024 after its annual profit more than doubled last year. Anglo American has also jumped. The mining giant said it would buy and integrate Vale SA's Serpentina project with its adjacent Minas-Rio mine in Brazil. French energy company ENGIE has also shown a significant move to the upside after raising its 2024 financial guidance. Hotel group Accor has also moved sharply higher after its annual core profit topped forecasts, while Zurich Insurance has gained on share buyback news. AXA has also advanced. The insurer launched a share buyback after reporting a higher full-year underlying profit. German automaker Mercedes-Benz has also surged after lifting dividend and forecasting stable revenues in 2024. Krones has also rallied. The packaging and bottling machine maker reported a rise in preliminary net profit for the full year, reflecting an improvement in revenue. Gerresheimer, a maker of packaging products for medication and drug delivery devices, has also spiked after reporting an increase in fourth adjusted profit. Meanwhile, Nestle has moved sharply lower. The world's largest packaged food company missed full-year organic sales estimates. Advertising giant WPP has also come under pressure despite delivering full-year results largely in line with expectations. Lloyds Banking Group has also moved to the downside despite reporting a significant increase in annual profit. --------------------------------------------------------------- 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 advanced on Thursday as investors cheered Nvidia's strong quarterly earnings results, driven by demand for its chips to power artificial intelligence. Gold ticked higher in Asian trading, while the dollar dipped ahead of PMI data releases from Europe and the U.S. Oil prices recovered some ground after falling around 1 percent Wednesday on demand concerns. Chinese shares rallied, with the benchmark Shanghai Composite Index jumping 1.3 percent to 2,988.36 after the country banned major institutional investors from selling equity holdings during the 30 minutes at the open and close of each trading day. Hong Kong's Hang Seng Index shot up 1.5 percent to 16,742.95. Japanese markets posted strong gains despite data showing that factory activity extended declines and service sector growth eased in February. The Nikkei 225 Index surged 2.2 percent to 39,098.68, breaking its previous record set in December 1989.The broader Topix Index settled 1.3 percent higher at 2,660.71. SoftBank Group, the parent of British chip designer Arm Holdings, spiked 5.1 percent, while chip-making equipment maker Tokyo Electron rallied 6 percent and Advantest soared 7.5 percent. Seoul stocks eked out modest gains, with the Kospi rising 0.4 percent to 2,664.27 as the Bank of Korea left interest rates unchanged for a ninth straight meeting. Memory-chip maker SK Hynix, which supplies to Nvidia, ended up a little more than 5 percent. Australian markets fluctuated before ending marginally higher for the day as the country's private sector activity signaled a return to growth in February, the first time in five months and at the fastest pace since April 2023. Financials declined, offsetting gains among energy stocks and utilities. Qantas Airways slumped 6.8 percent after the airline reported a 13 percent decrease in its post-tax profit to $873 million in the six months to December 2023. Across the Tasman, New Zealand's benchmark S&P/NZX-50 Index climbed 0.9 percent to close at 11,690.25 despite trade activity in January showing a notable downturn. --------------------------------------------------------------- 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 falling $0.26 to $77.65 a barrel after climbing $0.87 to $77.91 a barrel on Wednesday. Meanwhile, after slipping $5.50 to $2,034.30 an ounce in the previous session, gold futures are inching up $0.80 to $2,035.10 an ounce. On the currency front, the U.S. dollar is trading at 150.52 yen versus the 150.30 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0828 compared to yesterday?s $1.0819. --------------------------------------------------------------- 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