Blowout Nvidia Results Boosts Stock Futures

Artificial intelligence (AI) excitement is driving this rally

Digital Content Manager
Feb 22, 2024 at 9:24 AM
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A blowout quarterly report from semiconductor name Nvidia (NVDA) is giving futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) a much-needed boost, with artificial intelligence (AI) excitement driving the NDX's more than 350-point lead. A smaller-than-expected drop in unemployment claims for last week may tamper this rally, however, as it points to a strong job market after the Federal Reserve yesterday expressed hesitancy over interest rate cuts.

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

  • Why Wendy's stock isn't looking so fresh.
  • Schaeffer's Senior Quantitative Analyst Rocky White breaks down two "overbought" indicators.
  • Plus, more on Nvidia's results; EV maker cuts production forecast; and surprise profit boosts MRNA.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 827,977 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.72, while the 21-day moving average remained at 0.70.
  2. Chipmaker Nvidia Corp (NASDAQ:NVDA) easily surpassed earnings and revenue estimates for the fourth quarter, thanks to strong demand from clients including Meta Platforms (META) and Microsoft (MSFT), as they develop artificial intelligence (AI) technologies. NVDA is up 12.8% ahead of the open, and already boasts a 226.7% year-over-year lead.
  3. Rivian Automotive Inc (NASDAQ:RIVN) is down 17.5% in premarket trading, after the electric vehicle (EV) name cut its annual vehicle production forecast, despite its fourth-quarter revenue beat. The company also said it will be cutting 10% of its work force. In the last 12 months, RIVN shed more than 19%.
  4. Moderna Inc (NASDAQ:MRNA) reported a surprise profit for the fourth quarter earlier, with revenue also beating expectations, despite slower Covid-19 vaccine sales. MRNA is up 6.5% before the bell, but still carries a 45.3% year-over-year deficit. 
  5. Investors have existing home sales data to unpack today. 

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Nikkei Nabs Record Despite Slow Business Activity

Japan’s Nikkei hit a fresh record high today, closing above 39,000 with a 2.2% win. Despite slowing business activity, the au Jibun Bank’s flash Japan manufacturing purchasing manager’s index (PMI) dropped to 47.2 in February from January’s 48. The rest of the markets in Asia closed higher too, with the Hong Kong Hang Seng adding 1.5%, China’s Shanghai Composite gaining 1.3%, and the South Korean Kospi tacking on 0.4%.

European bourses are mostly higher too. London’s FTSE 100 is flat at last glance, but the French CAC 40 and German DAX are up 1% and 1.3%, respectively. The euro zone’s February manufacturing PMI fell to 46.1 from the previous month’s 46.6, while the services PMI returned to growth from contraction territory as it rose to the defining 50 mark from last month’s 48.4.

 

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