Traders Digest Big Tech Results

There has been a mixed response to last night’s earnings reports. Nvidia is up 1.1% in premarket trading after the flag bearer of the AI cycle beat the Street on sales ($68.1B vs Street $66.2B), earnings ($1.62 vs Street $1.54), and sales guidance ($78.0B vs Street $72.6B). Meanwhile, Salesforce is down 2.5% premarket after issuing soft revenue guidance, and Zoom Communications is down 6.0% premarket after disappointing on earnings. Overall, these results reinforce the ongoing trend of Semiconductors and other beneficiaries of AI capital spending showing relative strength compared to software and communications companies.

Equity markets have continued to stabilise overnight. US index futures are steady, while in Europe the DAX and the FTSE are up 0.4% and 0.2% respectively. Asia-Pacific trading saw the Nikkei gain 0.3%, while the Hang Seng declined 1.4%.

The US Dollar is rebounding this morning, putting pressure on commodities and alternative currencies. Crude Oil is down 2.5%, while Copper is down 0.4%. In currency markets, Gold is down 0.6%, Silver is down 4.8%, and Bitcoin is down 1.4%. The Yen is up 0.25% as traders speculate on potential Bank of Japan interest rate hikes this year, while other major currencies are relatively quiet.

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