Nvidia and Super Micro rally AI rally returns
Nasdaq up ~0.5%, S&P 500 gains ~0.2%, Dow slips
Tech leads S&P 500 sectors gainers; Real Estate weakest group
Euro STOXX 600 index ~flat
Dollar ~flat; gold up >1%; crude up >2%; bitcoin up ~3%
U.S. 10-Year Treasury yield edges down to ~3.92%
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NVIDIA AND SUPER MICRO RALLY AI RALLY RETURNS
Chip stocks are extending their recent recovery on Monday, with Nvidia NVDA.O rallying and lifting the PHLX semiconductor index .SOX further from its recent lows.
With many investors treading water ahead of Wednesday's U.S. consumer price index reading, Nvidia is gaining around 4%, outperforming other Magnificent 7 stocks.
Super Micro Computer SMCI.O, which uses Nvidia's processors in its high-end servers, is up more than 7%, suggesting that Wall Street's AI trade may still have legs following recent worries about the pace of investment by Microsoft MSFT.O, Alphabet GOOGL.O and other companies competing to dominate the emerging technology.
Nvidia reports its quarterly results on Aug. 28, and the consensus analyst estimate for adjusted net income stands at $15.78 billion, up 134% year-over-year, according to LSEG data.
Wall Street, however, will undoubtedly look for CEO Jensen Huang to crush expectations, as he has done repeatedly in recent quarters.
The PHLX index was last up 1.1% after climbing as much as 1.9% earlier on Monday. The index has recovered around 8% from its recent closing low on Aug. 7, and it remains down almost 20% from its record high close on July 10.
(Noel Randewich)
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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
U.S. STOCKS DIP AT THE START OF A DATA PACKED WEEK - CLICK HERE
MOMENTUM STILL LEADS, BUT IS IT COMING UP LAME? - CLICK HERE
LACK OF DIRECTION TO KEEP S&P 500 RANGE BOUND - MS - CLICK HERE
FADE THE REBOUND IN STOCKS AND BONDS - BCA RESEARCH - CLICK HERE
MARKETS SERENE BUT SENSITIVE AHEAD OF KEY US DATA - CLICK HERE
SUMMERTIME SADNESS - CLICK HERE
SMOOTH SAILING - CLICK HERE
FUTURES IN THE GREEN - CLICK HERE
MARKETS SHIFT TO HOLIDAY MOOD - CLICK HERE
Chip stocks https://tmsnrt.rs/4dY5hBN
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