US stocks rise after Nvidia’s blowout earnings beat

Jensen Huang, CEO of NVIDIA, at a 2023 press conference in Taipei.

Sam Yeh / Contributor

Stocks rose Thursday after Nvidia’s earnings blew Wall Street expectations out of the water.
Nvidia stock has been the best-performing name on the S&P 500 this year.
Meanwhile, the Commerce Department said durable goods orders fell 5.2% in July.

US stocks rose as markets opened Thursday, with the tech-heavy Nasdaq leading the way in the green after Nvidia’s strong earnings beat the evening before. 

Shares of the chipmaker and AI frontrunner jumped almost 8% in early trade, pushing the company’s market cap to a new record of $1.25 trillion. So far in 2023, Nvidia has been the top-performing stock on the S&P 500, climbing more than 222%.

For the second quarter, Nvidia posted revenue of $13.51 billion — 88% higher than the prior quarter and up 101% from a year ago. 

“This build out is unlike anything we have seen since the Internet in 1995 and the ramifications are just starting to ripple through the consumer/enterprise landscape,” Wedbush analysts said.

Meanwhile, durable goods orders fell 5.2% in July, the Commerce Department reported Thursday, with most of the slump coming from the transportation sector.  

Here’s where US indexes stood as the market opened 9:30 a.m. on Thursday: 

S&P 500: 4,450.25, up 0.32%Dow Jones Industrial Average: 34,484.73, up 0.03% (11.75 points)Nasdaq Composite: 13,792.83, up 0.52%

Here’s what else is going on: 

 Nvidia CEO Jensen Huang is now worth about $46 billion.Larry McDonald warned about the 40% rout in Apple bonds. Dedollarization suffered a blow as the greenback’s share in global payments hit a record high.China’s stock market just saw a massive spike in capital outflows.A veteran trader expects the S&P 500 to tumble, and said the government could crush the economy.

In commodities, bonds, and crypto: 

Oil prices slipped, with West Texas Intermediate down 1.05% to $78.06 a barrel. Brent crude, the international benchmark, inched lower 0.95% to $82.40 a barrelGold edged lower 0.35% to $1,941.10 per ounceThe 10-year yield ticked higher 2 basis points to 4.225%Bitcoin fell 0.92% to $26,369.

Read the original article on Business Insider


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