Global markets focused on Nvidia balance sheet
All attention in global markets turned to the financial results to be announced by Nvidia and the messages from the senior management.
Wall Street indices continue to hover near record levels ahead of Nvidia’s balance sheet. The S&P 500 index closed the day at 5 thousand 321 points, with a 0.25 percent increase. Nasdaq 100 increased by 0.21 percent and finished the day at a record level with 18 thousand 713 points. US futures indices are on a horizontal course.
It was a quieter trading day in Asia due to Singapore markets being closed.
U.S. bonds gained value on Tuesday after Fed Governor Waller said interest rates could be lowered at the end of this year if there is a few more months of better inflation data. While the US 10-year bond yield decreased by 3 basis points and closed at 4.41 percent, the 2-year US bond yield decreased by 2 basis points. Yields remain flat on the new trading day.
Gold, silver and copper fell after hitting recent highs, and oil extended losses after the release of a report showing a rise in inventories. Bloomberg Dollar Index continued its limited rise for the third consecutive day.
Wall Street’s eyes are on the balance sheet to be announced by Nvidia
Nvidia Corp., which Wall Street and the technology world have been eagerly awaiting. Its balance sheet will be announced after the close of US markets.
Investors will focus on whether the figures to be announced, as well as the projections to be announced by the company’s CEO Jensen Huang, give a clue about the demand for chips.
The shares of Nvidia, the giant chip manufacturer at the center of the artificial intelligence craze that powers the rise in the US stock markets, rose 0.6 percent yesterday and closed at a record level. The company, whose sales have increased in the past year thanks to strong growth in its data center unit, is expected to report a 243 percent increase in revenues in the three months through April, according to Wall Street analyst estimates.
Lopez Research Founder Maribel Lopez said in the Bloomberg TV broadcast she attended that she expects Nvidia to meet Wall Street expectations and even announce a sales revenue that exceeds expectations, as it benefits from the “super hot” demand for artificial intelligence technology. Lopez added, however, that the company is under pressure from the markets to “consistently perform well.”
Marlborough Investment Management Ltd Portfolio Manager James Athey also stated that the biggest test for the stock markets this week will be the financials to be announced by Nvidia, and predicted that there will be “fluctuation in wait-and-see mode” beforehand.