Stocks Rally on Strong Nvidia Earnings

nvidia

After the close last night, Nvidia reported better than expected earnings ($1.30 vs Street $1.25), sales ($57.0B vs Street $54.9B), and guidance. Nvidia is up 5.0% in premarket trading and this news has also reignited wider interest in AI related stocks. 

NASDAQ futures are up 1.8% this morning, while Dow futures are up 0.6%. In Europe this morning, the DAX is up 1.1%, while the FTSE is up 0.7%. The Nikkei soared 2.6% overnight, while the Hang Seng was steady. Renewed risk appetite has also spilled over into cryptocurrencies, with Bitcoin climbing back up above $90,000 in a 2.9% gain.

Metals are also gaining ground with Gold and Copper both up 0.2%. Energy is mixed with Crude Oil up 1.0% and Natural Gas down 0.7%.

Walmart also has positive financial news this morning. Shares of the world’s largest retailer are up 1.6% in premarket trading after the company beat the Street on earnings ($0.62 vs Street $0.60) and raised both its sales and earnings guidance for this year.

US data catchup begins today with a better-than-expected Nonfarm Payrolls report for September (119K vs Street 50K and previous 22K) which was greeted favourably by traders. The Philadelphia Fed Manufacturing Survey (-1.7 vs Street -3.1 and previous -12.8) was encouraging as well.

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