Nasdaq, S&P 500 Futures Pop After Nvidia Earnings

Jobless claims and durable goods orders failed to lift the Dow

Deputy Editor
Aug 24, 2023 at 9:21 AM
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Wall Street is mixed before the open, with futures tied to the S&P 500 Index (SPX) and the Nasdaq-100 Index (NDX) notably higher as Nvidia's (NVDA) beat-and-raise gives the semiconductor sector a lift. The chipmaker did warn, however, that further U.S. export measures will impact how it operates in China, risking a "permanent loss" in the world's second-largest economy.

Elsewhere, the Dow Jones Industrial Average (DJI) is slightly lower, after jobless claims slipped to a three-week low and durable-goods orders fell 5.2% in July.

Continue reading for more on today's market, including: 

Futures Chart August 242023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call and 1.1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.89 and the 21-day moving average stayed at 0.65.
  2. Nvidia Corp (NASDAQ:NVDA) stock is 7.5% higher premarket, after the chipmaker decimated analysts' second-quarter earnings and revenue expectations. The company's third-quarter guidance also implied a 170% jump in sales. Coming into today, NVDA already boasted a 222.4% year-to-date lead.
  3. Snowflake Inc (NYSE:SNOW) is up 8.5% in 2023, and looking to extend that lead with today's gains. The stock is 3.4% higher before the bell, after the tech firm reported second-quarter earnings and revenue that were higher than Wall Street expected.
  4. The shares of apparel retailer Guess?, Inc. (NYSE:GES) are up 16.6% in electronic trading, after the company's quarterly results exceeded expectations. The clothier also lifted its full-year profit forecast, helping the equity cross back above its year-to-date breakeven level, should these premarket gains hold. 
  5. There's no more pertinent economic data to unpack today. 

Buzz 0824 2

Asian Markets Rise on South Korea's Central Bank Moves

Asian markets finished higher today, as investors unpacked the South Korean central bank’s decision to leave interest rates unchanged at 3.5%. South Korea’s producer price index also slowed for the 13th-straight month with a 0.2% rise year-over-year. In response, the country’s Kospi finished the day 1.3% higher. Hong Kong’s Hang Seng jumped 2.1%, while Japan’s Nikkei rose 0.9%, and China’s Shanghai Composite added 0.1%.

European markets are muted at last check, paring their early-morning gains, despite tailwinds from Nvidia (NVDA). London’s FTSE 100 is up 0.2%, while the French CAC 40 rises 0.05%, and the German DAX sits flat.


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