Wall St rises after strong growth data; Nvidia slips
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Q2 GDP second estimate shows US economy grows 3%
CrowdStrike slips on FY forecast cut after global tech outage
Salesforce gains after upbeat quarterly results
Apple gains after Citigroup selects company as top AI pick
Futures up: Dow 0.10%, S&P 500 0.36%, Nasdaq 0.89%
Updated at 9:48 a.m. ET/ 1348 GMT
By Johann M Cherian and Purvi Agarwal
Aug 29 (Reuters) -Wall Street's main indexes rose on Thursday, as investors were relieved after data showed a still robust U.S. economy, while Nvidia slipped as its largely in-line forecast failed to exceed lofty expectations for the AI chip firm.
A commerce department report showed the U.S. economy grew faster than the initial estimates, amid strong consumer spending.
"The economy is not slipping into a recession anytime soon and that's beneficial for the stock market, along with a rate cut that's very likely coming in September," said Robert Pavlik, senior portfolio manager at Dakota Wealth.
Markets have seesawed between marginal gains and losses in the run-up to Nvidia's results, as traders waited to see if the company would sustain its unmatched revenue growth.
Nvidia's NVDA.O largely in-line revenue forecast for the current quarter despite upbeat second-quarter results disappointed investors. The chip bellwether's shares were down 2.0%.
"This is the first time that there has been criticism of the estimates beat and the outlook raise. It is not as great as some investors had anticipated," said Peter Andersen, founder of Andersen Capital Management.
"Nvidia might be showing early signs of slowdown in capital expenditure for artificial intelligence."
Although, semiconductor peers Broadcom AVGO.O and Advanced Micro Devices AMD.O rose 1.7% and 0.9%, respectively, aiding a 1.2% rise in the Philadelphia SE Semiconductor index .SOX.
Nvidia's heavyweight megacap customers, which have been the focus of market euphoria on the prospect of artificial intelligence integration boosting corporate profits also rose with Microsoft MSFT.O, Meta META.O and Alphabet GOOGL.O up more than 0.9% each.
Apple AAPL.O gained more than 2% after Citigroup selected the iPhone maker as its top AI pick over Nvidia. This helped the tech sector .SPLRCT lead sectoral gains with a 0.9% rise.
At 9:48 a.m. ET, the Dow Jones Industrial Average .DJI was up 41.92 points, or 0.10%, at 41,133.34, the S&P 500 .SPX was up 20.41 points, or 0.36%, at 5,612.59, and the Nasdaq Composite .IXIC was up 156.60 points, or 0.89%, at 17,712.62.
The benchmark S&P 500 .SPX is about 1% away from a record high, while the Dow .DJI is hovering around an all-time peak, with expectations for a September rate cut staying robust.
Odds of a reduction of 25 basis points in September stand at 67.5%, while those of a larger 50 bps cut are at 32.5%, according to CME Group's Fed Watch Tool.
A Labor Department report showed jobless claims were marginally lower than expected for the previous week.
Friday's Personal Consumption Expenditure data for June, could offer hints on the central bank's monetary policy easing trajectory.
Dow-component Salesforce CRM.N beat Wall Street expectations for second-quarter results, sending the enterprise cloud firm's shares up 1.1%.
CrowdStrike CRWD.O dropped 6.7% after the cybersecurity company cut its revenue and profit forecasts in the aftermath of last month's global tech outage.
Advancing issues outnumbered decliners by a 1.52-to-1 ratio on the NYSE and by a 1.46-to-1 ratio on the Nasdaq.
The S&P index recorded 20 new 52-week highs and 4 new lows, while the Nasdaq recorded 27 new highs and 41 new lows.
Nvidia's revenue growth is decelerating Nvidia's revenue growth is decelerating https://reut.rs/3AyfQwN
Reporting by Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Pooja Desai, Shounak Dasgupta and Shinjini Ganguli
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.
