{"id":1508,"date":"2023-02-28T05:02:35","date_gmt":"2023-02-28T10:02:35","guid":{"rendered":"https:\/\/embarrdowns.com\/nvidia-nvda-surges-following-strong-earnings-and-positive-outlook-on-ai-demand\/"},"modified":"2023-04-12T11:14:39","modified_gmt":"2023-04-12T16:14:39","slug":"nvidia-nvda-surges-following-strong-earnings-and-positive-outlook-on-ai-demand","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/nvidia-nvda-surges-following-strong-earnings-and-positive-outlook-on-ai-demand\/","title":{"rendered":"Nvidia (NVDA) Surges Following Strong Earnings and Positive Outlook on AI Demand"},"content":{"rendered":"

Shares of Nvidia (NVDA) surged Thursday after the software company released better-than-expected earnings results and boosted current quarter guidance. It also reported that chip demand for Artificial Intelligence (AI) applications such as ChatGPT is surging.[0]<\/a><\/sup><\/p>\n

Nvidia (NASDAQ:NVDA) soared over 14% following the announcement, with Wall Street analysts praising the chip maker. The stock continued to gain momentum in Monday\u2019s premarket trading, rising 0.92% to $235.01. The S&P 500 Index (SPX) also rose 0.31% to 3,982.24, while the Dow Jones Industrial Average (DJIA) gained 0.22% to 32,889.09.[1]<\/a><\/sup><\/p>\n

The market was also focusing on the U.S. core Personal Consumption Expenditures (PCE) price index, the Federal Reserve\u2019s preferred measure of inflation.[2]<\/a><\/sup> The average prediction of economists is that the Core PCE Price Index will be +0.4% monthly and +4.3% yearly in January, compared to the prior figures of +0.3% m\/m and +4.4% y\/y.[2]<\/a><\/sup><\/p>\n

Meanwhile, the University of Michigan\u2019s consumer sentiment index rose to a 13-month high of 67.0 in February, while the Commerce Department\u2019s durable goods orders report showed a 4% drop in January, more than the expected 4.0% fall.[3]<\/a><\/sup><\/p>\n

The Commerce Department also reported that personal spending jumped +1.8% m\/m in January compared to expectations of +1.3% m\/m.[3]<\/a><\/sup><\/p>\n

The Commerce Department is scheduled to release the durable goods orders report for January at 8:30 a.m.[4]<\/a><\/sup> [5]<\/a><\/sup> The average expectation among economists is that durable goods orders will drop by 4% in January, undoing most of the 5.6% rise that occurred in December.[6]<\/a><\/sup> After declining by 0.2% in December, core durable goods orders (excluding volatile transportation orders) may have increased by 0.1%.[5]<\/a><\/sup><\/p>\n

On Monday, the 10-year yield increased to 3.97%.[6]<\/a><\/sup> The number of initial unemployment claims in the United States unexpectedly decreased by 3,000 to 192,000 in the last week, which demonstrates a more robust labor market than anticipated, as analysts had predicted an increase to 200,000.[7]<\/a><\/sup><\/p>\n

As the trading day<\/a> neared its end, the tech-dominated Nasdaq Composite (COMP) was in focus.[8]<\/a><\/sup><\/p>\n

0. <\/span>“Nvidia Shares Soar on Earnings Beat, Chip Demand for AI Applications” Investopedia, 23 Feb. 2023, https:\/\/www.investopedia.com\/nvidia-shares-soar-on-earnings-beat-chip-demand-for-ai-applications-7112912<\/a><\/a><\/p>\n

1. <\/span>“Nasdaq, S&P, Dow rebound after suffering their worst weekly loss in 2023” msnNOW, 27 Feb. 2023, https:\/\/www.msn.com\/en-us\/money\/markets\/nasdaq-sandp-dow-rebound-after-suffering-their-worst-weekly-loss-in-2023\/ar-AA17ZLQs<\/a><\/a><\/p>\n

2. <\/span>“Futures are Signaling a Weak Open for Wall Street, U.S. PCE Data In Focus” Barchart, 24 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14518036\/futures-are-signaling-a-weak-open-for-wall-street-u-s-pce-data-in-focus<\/a><\/a><\/p>\n

3. <\/span>“Stocks Set To Open Higher After Worst Week Of The Year, Retail Earnings In Focus” Barchart, 27 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14581554\/stocks-set-to-open-higher-after-worst-week-of-the-year-retail-earnings-in-focus<\/a><\/a><\/p>\n

4. <\/span>“Wall Street Might Bounce Back At Open” RTTNews, 27 Feb. 2023, https:\/\/www.rttnews.com\/3346731\/wall-street-might-bounce-back-at-open.aspx<\/a><\/a><\/p>\n

5. <\/span>“Nasdaq, S&P 500 Futures Rebound In New Trading Week But Rising Bond Yields Remain A Risk – Invesco QQQ Tr” Benzinga, 27 Feb. 2023, https:\/\/www.benzinga.com\/news\/earnings\/23\/02\/31065503\/nasdaq-s-p-500-futures-rebound-in-new-trading-week-but-rising-bond-yields-remain-a-risk<\/a><\/a><\/p>\n

6. <\/span>“Dow Jones Rallies 300 Points After Economic Data; Tesla Stock Surges On Production Ramp” Investor’s Business Daily, 27 Feb. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/dow-jones-futures-climb-ahead-of-economic-data-tesla-stock-jumps-on-production-ramp\/<\/a><\/a><\/p>\n

7. <\/span>“Stock Market Today: Nasdaq Outperforms as Nvidia Outlook Impresses” Kiplinger’s Personal Finance, 23 Feb. 2023, https:\/\/www.kiplinger.com\/investing\/stocks\/stock-market-today-022323-nasdaq-outperforms-as-nvidia-outlook-impresses<\/a><\/a><\/p>\n

8. <\/span>“Nasdaq, S&P, Dow erase gains to trade lower; NVIDIA soars after results” Seeking Alpha, 23 Feb. 2023, https:\/\/seekingalpha.com\/news\/3940061-nasdaq-sp500-dow-jones-stock-market-economic-data-nvidia<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Nvidia (NVDA) surged Thursday after the software company released better-than-expected earnings results and boosted current quarter guidance. It also reported that chip demand for Artificial Intelligence (AI) applications such as ChatGPT is surging.[0]<\/a><\/sup><\/p>\n

Nvidia (NASDAQ:NVDA) soared over 14% following the announcement, with Wall Street analysts praising the chip maker. The stock continued to gain momentum in Monday\u2019s premarket trading, rising 0.92% to $235.01. The S&P 500 Index (SPX) also rose 0.31% to 3,982.24, while the Dow Jones Industrial Average (DJIA) gained 0.22% to 32,889.09.[1]<\/a><\/sup><\/p>\n

The market was also focusing on the U.S. core Personal Consumption Expenditures (PCE) price index, the Federal Reserve\u2019s preferred measure of inflation.[2]<\/a><\/sup> The average prediction of economists is that the Core PCE Price Index will be +0.4% monthly and +4.3% yearly in January, compared to the prior figures of +0.3% m\/m and +4.4% y\/y.[2]<\/a><\/sup><\/p>\n

Meanwhile, the University of Michigan\u2019s consumer sentiment index rose to a 13-month high of 67.0 in February, while the Commerce Department\u2019s durable goods orders report showed a 4% drop in January, more than the expected 4.0% fall.[3]<\/a><\/sup><\/p>\n

The Commerce Department also reported that personal spending jumped +1.8% m\/m in January compared to expectations of +1.3% m\/m.[3]<\/a><\/sup><\/p>\n

The Commerce Department is scheduled to release the durable goods orders report for January at 8:30 a.m.[4]<\/a><\/sup> [5]<\/a><\/sup> The average expectation among economists is that durable goods orders will drop by 4% in January, undoing most of the 5.6% rise that occurred in December.[6]<\/a><\/sup> After declining by 0.2% in December, core durable goods orders (excluding volatile transportation orders) may have increased by 0.1%.[5]<\/a><\/sup><\/p>\n

On Monday, the 10-year yield increased to 3.97%.[6]<\/a><\/sup> The number of initial unemployment claims in the United States unexpectedly decreased by 3,000 to 192,000 in the last week, which demonstrates a more robust labor market than anticipated, as analysts had predicted an increase to 200,000.[7]<\/a><\/sup><\/p>\n

As the trading day<\/a> neared its end, the tech-dominated Nasdaq Composite (COMP) was in focus.[8]<\/a><\/sup><\/p>\n

0. <\/span>“Nvidia Shares Soar on Earnings Beat, Chip Demand for AI Applications” Investopedia, 23 Feb. 2023, https:\/\/www.investopedia.com\/nvidia-shares-soar-on-earnings-beat-chip-demand-for-ai-applications-7112912<\/a><\/a><\/p>\n

1. <\/span>“Nasdaq, S&P, Dow rebound after suffering their worst weekly loss in 2023” msnNOW, 27 Feb. 2023, https:\/\/www.msn.com\/en-us\/money\/markets\/nasdaq-sandp-dow-rebound-after-suffering-their-worst-weekly-loss-in-2023\/ar-AA17ZLQs<\/a><\/a><\/p>\n

2. <\/span>“Futures are Signaling a Weak Open for Wall Street, U.S. PCE Data In Focus” Barchart, 24 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14518036\/futures-are-signaling-a-weak-open-for-wall-street-u-s-pce-data-in-focus<\/a><\/a><\/p>\n

3. <\/span>“Stocks Set To Open Higher After Worst Week Of The Year, Retail Earnings In Focus” Barchart, 27 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14581554\/stocks-set-to-open-higher-after-worst-week-of-the-year-retail-earnings-in-focus<\/a><\/a><\/p>\n

4. <\/span>“Wall Street Might Bounce Back At Open” RTTNews, 27 Feb. 2023, https:\/\/www.rttnews.com\/3346731\/wall-street-might-bounce-back-at-open.aspx<\/a><\/a><\/p>\n

5. <\/span>“Nasdaq, S&P 500 Futures Rebound In New Trading Week But Rising Bond Yields Remain A Risk – Invesco QQQ Tr” Benzinga, 27 Feb. 2023, https:\/\/www.benzinga.com\/news\/earnings\/23\/02\/31065503\/nasdaq-s-p-500-futures-rebound-in-new-trading-week-but-rising-bond-yields-remain-a-risk<\/a><\/a><\/p>\n

6. <\/span>“Dow Jones Rallies 300 Points After Economic Data; Tesla Stock Surges On Production Ramp” Investor’s Business Daily, 27 Feb. 2023, https:\/\/www.investors.com\/market-trend\/stock-market-today\/dow-jones-futures-climb-ahead-of-economic-data-tesla-stock-jumps-on-production-ramp\/<\/a><\/a><\/p>\n

7. <\/span>“Stock Market Today: Nasdaq Outperforms as Nvidia Outlook Impresses” Kiplinger’s Personal Finance, 23 Feb. 2023, https:\/\/www.kiplinger.com\/investing\/stocks\/stock-market-today-022323-nasdaq-outperforms-as-nvidia-outlook-impresses<\/a><\/a><\/p>\n

8. <\/span>“Nasdaq, S&P, Dow erase gains to trade lower; NVIDIA soars after results” Seeking Alpha, 23 Feb. 2023, https:\/\/seekingalpha.com\/news\/3940061-nasdaq-sp500-dow-jones-stock-market-economic-data-nvidia<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":1507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1508"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=1508"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1508\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/1507"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=1508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=1508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=1508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}