NVIDIA’s earnings beat drove the Nasdaq up 1.57% and lifted the broader tech sector, with AI and data center stocks leading Thursday’s gains.
Bitcoin spot ETFs logged 8 straight days of net inflows totaling $2.8 billion, keeping Bitcoin steady near $80,000 ahead of a major options expiry.
Oil snapped a week-long slide, with Brent surging 2.17% to $89.75 after stalled Iran-Oman talks raised fresh concerns over Strait of Hormuz access.
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Pre-Market Stock Futures:
Futures are trading flat as we finish out the last full week of the summer months on a positive note, as once again NVIDIA (NASDAQ: NVDA) knocked the earnings and revenue forecasts ball out of the proverbial park and gave a boost to the entire technology world, with everything from chips to software posting strong gains on the day. The Artificial Intelligence/data center trade was also a big beneficiary of the NVIDIA strength and forward outlook.
When the dust settled on Thursday, all of the major indices finished the day higher, with the tech-heavy Nasdaq leading the way, closing up 1.57% at 26,541. Meanwhile, the S&P 500 also had a strong session, closing at 7,730, up 0.72%. The small-cap Russell 2000 closed up 0.38%, at 3,017, while the Dow Jones Industrials, which actually started the day lower, rallied to finish at 53,568, up 0.20%.
ESB Professional / Shutterstock.com Treasury Bonds:
Yields were modestly higher across the Treasury curve except for a few short-maturity T-Bills. The bond market and much of Wall Street are awaiting Federal Reserve Chairman Kevin Warsh’s first true keynote economic address at the Jackson Hole symposium this morning. Traders will try to gauge where rates are headed and whether the Fed chief addresses the buying of long-dated Treasury debt. The 30-year bond closed Thursday at 5.19%, while the 10-year note last traded at 4.67%.
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Oil and Gas:
After serious selling over the last week, the energy complex finally hit levels that brought in buyers, as both major oil benchmarks finished the day higher. The lack of progress on a deal between Iran and Oman on opening the Strait of Hormuz was cited as a central reason for the rise in oil prices. By the close, Brent Crude ended the day at $89.75, up 2.17%, while West Texas Intermediate was last seen at $83.69, up 1.75%. Natural gas also closed higher at $2.90, up 0.87%.