Shares in chip giant Nvidia — which last month hit a $5 trillion valuation — slipped after rallying (I-Hwa CHENG) <\/p>\n
Stock markets were mixed Thursday as a rally lost momentum after US jobs data clouded hopes of further interest rate cuts and fears of an AI bubble persisted.<\/p>\n
Europe’s main equity indices closed higher but Wall Street slumped following a strong open. Asia’s leading stock markets were mixed.<\/p>\n
Investors cheered an earnings report released late Wednesday by AI bellwether Nvidia, which topped expectations on fierce demand for its advanced chips.<\/p>\n
Chief executive Jensen Huang brushed off fears of an artificial intelligence bubble that has caused global equities to wobble.<\/p>\n
Jim Reid, managing director at Deutsche Bank, said Nvidia’s results had temporarily stalled some fears.<\/p>\n
But Adam Sarhan of 50 Park Investments warned: “When you have valuations that are this high, they’re not sustainable.”<\/p>\n
Shares in the chip giant — which last month hit a $5 trillion valuation — slipped after rallying at the start of Wall Street trading Thursday.\u00a0They closed 3.2 percent down.<\/p>\n
The upbeat earnings were offset by data showing the US jobless rate crept higher in September, even as hiring exceeded analyst expectations.<\/p>\n
“This report is unlikely to massively shift the needle for the December Fed meeting which looks like a pause,” said Joshua Mahony, chief market analyst at traders Scope Markets. He was referring to the Federal Reserve’s next interest rate decision due in December.<\/p>\n
The dollar traded mixed against its main rivals following the update.<\/p>\n
Thursday’s jobs publication marked the first official snapshot of the labor market’s health in more than two months, owing to a 43-day US government shutdown that ended last week.<\/p>\n
The report is set to deepen divisions within the Fed, with underlying job market weakness adding to the case for another rate cut — but solid hiring potentially encouraging some officials to hold off for longer.<\/p>\n
Oil prices ticked down, and a US Treasury official told reporters that Chinese and Indian refineries and banks were moving to comply with recently announced US sanctions on Russia’s two biggest oil producers — Lukoil and Rosneft.<\/p>\n
China and India are key buyers of Russian oil, and the sanctions were aimed at cutting off revenues fueling war in Ukraine.<\/p>\n
The US official, speaking on condition of anonymity, said many such institutions are conscious of these sanctions and risk averse, while recognizing the importance of relationships with the West.<\/p>\n
– Key figures at around 2110 GMT –<\/p>\n
New York – Dow: DOWN 0.8 percent at 45,752.26\u00a0points (close)<\/p>\n
New York – S&P 500: DOWN 1.6 percent at 6,538.76 (close)<\/p>\n
New York – Nasdaq Composite: DOWN 2.2 percent at 22,078.05 (close)<\/p>\n
London – FTSE 100:\u00a0UP 0.2 percent at 9,527.65 (close)<\/p>\n
Paris – CAC 40: UP 0.3 percent at 7,981.07 (close)<\/p>\n
Frankfurt – DAX: UP 0.5 percent at 23,278.85 (close)<\/p>\n
Tokyo – Nikkei 225:\u00a0UP 2.7 percent at 49,823.94 (close)<\/p>\n
Hong Kong – Hang Seng Index: FLAT at 25,835.57 (close)<\/p>\n
Shanghai – Composite: DOWN 0.4 percent at 3,931.05 (close)<\/p>\n
Euro\/dollar: DOWN at $1.1525 from $1.1526 on Wednesday<\/p>\n
Pound\/dollar: UP\u00a0at $1.3070 from $1.3048<\/p>\n
Dollar\/yen: UP at 157.55 yen from 157.01 yen<\/p>\n
Euro\/pound:\u00a0DOWN at 88.18 from 88.33 pence<\/p>\n
Brent North Sea Crude: DOWN 0.2 percent at $63.38\u00a0per barrel<\/p>\n
West Texas Intermediate:\u00a0DOWN 0.6 percent at $59.14 per barrel<\/p>\n
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