Analyst
The US 500 futures climbed by 0.7% while US 100 futures advanced over 1%, building upon gains from Wednesday. A significant contributor to this positive trend was Nvidia, which reported better-than-expected earnings and projected quarterly sales of $16 billion, surpassing already optimistic analyst expectations widely.
The Stoxx Europe 600 index rose by 1%, further supported by gains in Nvidia's European counterparts such as German chip company Infineon Technologies. Asian markets also saw a positive shift with Hong Kong stocks experiencing their best performance in a month, primarily led by tech companies - also with a noticeable Nvidia boost.
Despite the impressive stock performance, Treasuries remained relatively stable after their jump on Wednesday. A softer-than-expected US PMI data for August, mirroring underwhelming data from the Eurozone, seemed to affirm the market's expectation of no future rate hikes, particularly benefiting AI and tech stocks.
Nvidia's stellar performance, which included achieving an adjusted gross margin of 71.2% and an adjusted $2.70 earnings per share on $13.51B in revenue, outdid analysts' revenue expectations by over $2 Billion. Their optimistic Q3 sales projection of $16B further energized the market and came in far ahead of even optimistic expectations. This positive trend also carried over to other tech stocks in after-hours trading, including AMD, Broadcom, and Microsoft. We can expect more buying of Nvidia and other AI stocks after the NYSE opening.
The market's focus is now on the Jackson Hole symposium, where Federal Reserve Chair Jerome Powell is set to speak (August 25). His address is eagerly anticipated as it could provide insights into the central bank's final moves in its inflation-curbing efforts.
Amidst the positive stock data, US mortgage applications reached a near 30-year low, and reports hint at a downward revision of job growth. Also, there's increasing strain in China's $2.9 trillion trust industry, potentially impacting the economy further.
Commodities saw some turbulence. Oil prices recorded a decline for the fourth consecutive day due to an improved supply outlook amidst persistent demand concerns. European natural gas prices also dipped following signs of a potential resolution to a labor dispute in Australia. On the other hand, Gold was able to rise further trading a above $1,915 - supported by yesterday's sharp decline in US Treasury yields.
Key events today:
US Durable Goods Orders - 12:30 UTC+0
US Initial Jobless claims - 12:30 UTC+0
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