2023-08-23 20:00:41
(For a live Archyde.com blog on US, UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) * Nvidia gains ahead of quarterly earnings release * Jackson Hole in sight this week too (Updates to Last) by Caroline Valetkevitch NEW YORK, Aug 23 (Archyde.com) – U.S. stocks ended sharply higher on Wednesday as shares of Nvidia NVDA.O rose ahead of the company’s quarterly results. chips are widely used for artificial intelligence (AI) computing. Investors expect (link) a strong new outlook from Nvidia might fuel a fresh rally in tech stocks. The company must publish its results following the close of trading. Nvidia shares rose ahead of the report, adding to recent gains. Its stock has risen more than 220% since the start of the year. The yield on US 10-year Treasury notes US10YT=RR slipped away from its highest level in almost 16 years following the release of lackluster data on economic activity in the United States and the euro zone, which which contributed to the optimism of Wall Street. “What has troubled this market is the persistent rise in long-term rates,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. Comments by US Federal Reserve Chairman Jerome Powell on Friday at the Jackson Hole conference will be scrutinized for clues to the trajectory of US central bank interest rates. According to preliminary data, the S&P 500 .SPX gained 48.84 points, or 1.11%, to end at 4,436.39 points, while the Nasdaq Composite .IXIC gained 215.16 points, or 1.59 %, to reach 13,721.03 points. The Dow Jones Industrial Average .DJI gained 188.50 points, or 0.55%, to 34,477.33. Nvidia’s report and comments will be key for the overall market, Meckler said. “Not only the numbers, but also what they say on the conference call regarding what’s happening in the area of artificial intelligence will have a big impact on market sentiment,” he said. Nvidia is part of the so-called “Magnificent Seven” group of mega-cap stocks, including Apple AAPL.O and Tesla TSLA.O, that have fueled the S&P 500’s strong gains this year, and investors fear a slump if the company does not meet expectations. According to strategists polled by Archyde.com at (link), the S&P 500 is expected to post only marginal gains through to the end of the year, following its strong rally this year. The index is expected to end the year at 4,496. Shares of drugmakers Gilead Sciences GILD.O and Merck & Co MRK.N rose following Swiss rival Roche ROG.S inadvertently (link) released the results positive from a clinical trial on lung cancer.
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