Another impressive earnings report nvidia (NVDA) helped the stock market rally on Thursday, but indexes quickly pulled back from opening gains.
X
The Nasdaq Composite, where Nvidia accounts for 4.4% of the index, was down 0.4% after opening up 0.8%. The index rose to its 50-day moving average before bouncing back, which is a sign of resistance.
The S&P 500 was down 0.1% at 10:28 a.m. ET. The Russell 2000 fell by 0.2%. Trading volume increased on the Nasdaq Stock Exchange and decreased on the New York Stock Exchange compared to the same time on Wednesday.
The Dow Jones Industrial Average rose 0.1%. daw component Boeing (Bachelor’s) by 3.7%, down from its 50-day moving average and below the buy point of 223.91 seen in the July 26 breakout.
The company’s 737 MAX planes were found to have defectively drilled holes in the fuselage components it had manufactured Soul Aviation Systems (SPR). The FAA says there is no immediate safety risk, and it’s not clear how the problem will affect deliveries of the 737 planes. Shares of Spirit fell nearly 11% in heavy trade.
The Innovator IBD 50 ETF (fifty) fell 0.1%. Front line (come and go) And Photo Holdings (foot) with a gain of more than 2% after the announcement of its second quarter results.
Nvidia’s earnings impress the stock market
Nvidia late Wednesday beat previous analyst expectations for sales and earnings for the July quarter. The company also raised its guidance for the current quarter. The stock jumped to a record high but pared gains to 3.5% at 10:08 a.m. ET Thursday.
Just as it did three months ago, Nvidia has cited high demand for chips used in generative AI for its success. CEO Jensen Huang hailed the dawn of a “new computing era” based on artificial intelligence and accelerated computing.
GlobalX Robotics and Artificial Intelligence (TRADE)cleaning), whose largest holding is Nvidia, trimmed its gains to 0.1%. Technology Sector Select SPDR (XLK) response was duller, up 0.2%.
Splunk (SPLK) from a flat base in heavy trading after the data analytics company beat forecasts for the July-ending quarter. Earnings growth increased by 689% compared to the same period last year, and management raised its expectations. Shares are up nearly 14% on a bulk basis.
Retail problems continued. dollar tree (DLTR) and fell more than 10%, to its lowest level in 14 months. The discount chain beat sales and earnings estimates. but Gross profit margin decreased The company incurred more inventory losses due to shoplifting and other factors. Dollar Tree is the worst performer today in the S&P 500.
Unemployment claims and durable goods
In economic news, jobless claims fell for the first time by 10,000 to 230,000. Last week’s claims came in below expectations of 241,000. According to Econoday.
Durable goods orders It fell 5.2% in July, more than the consensus estimate of economists for a 4% drop. But excluding transportation, orders rose 0.5%, above expectations.
You may also like:
Get Free IBD Newsletters: Market Preparation | Technical report | How to invest
IBD Live: Learn and analyze growth stocks with the professionals
Get Free IBD Newsletters: Market Preparation | Technical report | How to invest
