Traders work on the New York Stock Exchange trading floor during morning trading on Oct. 8, 2024.
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Shares of Nvidia were volatile in early trading Thursday as the company released its latest quarterly results.
this Dow Jones Industrial Average An increase of 95 points, or 0.2%. this S&P 500 Index down 0.3%, Nasdaq Index It fell 1.1%.
Nvidia reported better-than-expected third-quarter results and issued strong guidance after the bell on Wednesday. But the artificial intelligence chip giant’s shares, which have risen more than 190% this year, are down about 1% this year. Some traders called the chipmaker’s slowdown in revenue growth from previous quarters worrisome, or that the chipmaker didn’t beat the most optimistic estimate in its forecast for next quarter.
The stock briefly rose after falling premarket as investors bought the dip, with most Wall Street analysts optimistic about the earnings report and raising price targets. However, the rally was short-lived, with the stock ending up flat.
Eric Clark, portfolio manager of the Rational Dynamic Brands Fund, said of Nvidia: “Investors will probably buy any stock that’s weak, but if you don’t have big good news in a few quarters, you’re going to need good news and a raise every quarter.” of traders may reduce investments “When growth and momentum investors leave a stock, they often leave a trail. “
NVIDIA 1 day
Cryptocurrency markets also boosted sentiment. Bitcoin surpassed the $98,000 mark for the first time on Wednesday night, as investors remain hopeful that a second term as President Donald Trump will bring supportive regulations to the industry. The last transaction price was approximately $97,451.
In other news, snowflake The company’s shares rose nearly 30% after beating Wall Street expectations and raising its product revenue guidance for the current fiscal year.
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