Daily Comment – Nvidia earnings fail to buoy markets, focus turns to US data
Nvidia slumps in after-hours trading as earnings don’t excite
Equities mixed as attention turns to US data for direction
Kiwi outperforms, euro slips on soft German and Spanish CPI figures
![](https://www.xm.com/wp-content/uploads/2024/08/Perf-Aug29.png)
No post-Nvidia boost for equities
Nvidia’s much anticipated earnings results for the second quarter failed to deliver on the very high expectations even as the chip giant saw its revenue more than double from a year ago.
Both revenue and earnings per share beat the consensus estimates and the company’s forecasts for the third quarter also topped expectations. However, some investors had set an even higher target and more importantly, the company’s senior executives were unable to dispel worries surrounding production issues for Nvidia’s next generation of AI chips.
With the stock having staged an incredible 150% year-to-date rally, it seems that investors were hoping to hear more details about how much revenue the company expects its new Blackwell chip will generate.
Investors were hoping to hear more details about how much revenue the company expects its new Blackwell chip will generate
Equity markets had already been on edge after the other tech giants raised concerns about the scale of money being poured into investing in artificial intelligence. And with Nvidia’s earnings not bringing any fresh excitement to the AI trade, the stock plunged by more than 8% in after-hours trading.
All eyes on next set of US releases
Wall Street closed lower ahead of Nvidia’s results as nerves got the better of tech stocks, which all slid. But futures are mixed today amid some signs of a rebound in European markets.
The recovery in equities from the July-August selloff has reached a critical juncture and neither Powell’s Jackson Hole speech nor Nvidia’s earnings were the catalyst that investors had hoped would take the gains to the next stage.
Neither Powell’s Jackson Hole speech nor Nvidia’s earnings were the catalyst that investors had hoped would take the gains to the next stage
This week’s data releases may not provide much impetus to the bulls either and the spotlight is increasingly shining on next week’s jobs report out of the US to set the market’s direction.
Nevertheless, amid still intense speculation about the pace of expected Fed rate cuts, today’s weekly jobless claims and revised estimates for Q2 GDP growth will be watched closely before attention switches to tomorrow’s PCE inflation and personal consumption figures for July.
Euro hurt by soft CPI readings
The euro came under pressure on Thursday, dropping below $1.1100, following weaker-than-expected CPI readings from Eurozone countries reporting their numbers ahead of tomorrow’s flash estimates for the whole of the euro area.
Headline inflation in Spain fell more than expected to 2.4% in August and Germany’s national CPI prints, due at 12:00 GMT, also look set to come in below forecasts after regional data showed inflation fell in all German states.
The August data backs the latest rhetoric from ECB officials, which has been on the dovish side
The August data backs the latest rhetoric from ECB officials, which has been on the dovish side, paving the way not only for a 25-bps cut in September, but also for steeper reductions thereafter.
Kiwi gets a lift despite steadier greenback
In contrast, the New Zealand dollar surged today, coming just shy of the $0.6300 level near eight-month highs after a big improvement in the ANZ business outlook survey. Some of the optimism seems to have spilled over to the Australian dollar, which is climbing even though capital expenditure in Australia unexpectedly shrunk in the second quarter, which does not bode well for next week’s GDP numbers.
As for the US dollar, it’s enjoying some positive momentum as the 10-year Treasury yield has steadied around 3.80%. Meanwhile Atlanta Fed President Raphael Bostic suggested that he would like to see some more data to support a rate cut in September when he spoke late on Wednesday.
![](https://www.xm.com/wp-content/uploads/2024/08/Calendar-Aug29.png)
İlgili varlıklar
En son haberler
Bildirim: XM Group şirketlerinin her biri yalnızca gerçekleştirme hizmeti ve online yatırım platformumuza erişim sağlar. Herhangi bir kişinin web sitesinde bulunan veya web sitesi üzerinden sağlanan içeriği görüntülemesine ve/veya kullanmasına izin vermek, bu hizmeti değiştirmek veya genişletmek amaçlı değildir ve bu hizmeti ne değiştirir ne de genişletir. Bu tür erişim ve kullanım her zaman şunlara tabidir: (i) Şartlar ve Koşullar; (ii) Risk Uyarıları ve (iii) Tam Bildirim. Bu nedenle bu tür içerikler yalnızca genel bilgi amacıyla sağlanır. Özellikle, online yatırım platformumuzun içeriklerinin finans piyasalarında herhangi bir işleme girmek için bir teşvik veya bir teklif olmadığını lütfen dikkate alın. Herhangi bir finans piyasasında yatırım yapmak sermayeniz için önemli düzeyde risk taşır.
Online yatırım platformumuzda yayınlanan tüm materyaller yalnızca eğitim/bilgilendirme amaçlıdır ve finansal tavsiye, yatırım vergisi veya yatırım tavsiyesi ve önerileri ya da yatırım fiyatlarımızın kaydı veya herhangi bir finansal enstrümanda işlem yapılması için bir teklif veya teşvik ya da talep edilmemiş finansal promosyonları içermez ve içerdiği şeklinde bir değerlendirme yapılmamalıdır.
Görüşler, haberler, araştırma, analizler, fiyatlar, diğer bilgiler veya bu web sitesinde bulunan üçüncü taraf sitelere verilen bağlantılar gibi her türlü üçüncü taraf içeriğin yanı sıra XM tarafından hazırlanan içerik de “olduğu gibi” esasına göre, genel piyasa yorumu olarak sağlanır ve bir yatırım tavsiyesi oluşturmaz. Herhangi bir içeriğin yatırım araştırması olarak yorumlanmasıyla ilgili olarak, içeriğin bağımsız yatırım araştırmasını desteklemek üzere tasarlanmış yasal gerekliliklere uygun hazırlanmadığını ve bu amacın güdülmediğini, aynı şekilde ilgili yasalar ve mevzuatlar kapsamında pazarlama iletişimi olarak değerlendirileceğini dikkate almalı ve kabul etmelisiniz. Buradan erişebileceğiniz Bağımsız Olmayan Yatırım Araştırması Bildirimimizi ve yukarıdaki bilgilerle ilgili Risk Uyarımızı okuduğunuzdan ve anladığınızdan emin olun.