Traders work on the New York Stock Exchange (NYSE) trading floor during early trading on August 23, 2024 in New York.
Angela Weiss | AFP | Getty Images
Nasdaq 100 futures fell on Wednesday night after artificial intelligence leader Nvidia, which has gained more than 150% this year, reported strong quarterly results but failed to meet investors’ lofty expectations.
Nasdaq 100 Futures fell 0.9%, while S&P 500 Index Futures down 0.5%. at the same time, Dow Jones Industrial Average Futures Not much has changed.
NVIDIA Shares fell about 7% in after-hours trading. in its second fiscal quarterThe maker of artificial intelligence chips beat revenue and profit estimates and issued an upbeat sales outlook for the quarter, but failed to impress traders who expected strength.
NVIDIA
“Deaths, taxes and NVDA earnings growth are three things you can count on. The problem is, the size of this growth is much smaller than what we’ve seen before. Guidance for the future was even presented, but again not by Carson Group chief market strategist Ryan Detrick wrote.
“This is a great company and revenue is still growing at 122%, but the bar seems a little too high for this earnings season,” Detrick added.
salesperson Shares of the business software giant rose 4% in after-hours trading Exceeded fiscal second quarter expectations top and bottom lines, and raised its full-year earnings forecast. mass strike The cybersecurity firm lowered its full-year outlook after a global network outage in July, although it reported Profit and revenue exceeded.
Nvidia’s earnings results came after the company’s shares plunged, sending stocks lower on Wall Street. High-tech Nasdaq Index fell 1.12%, while S&P 500 Index down 0.6%. 30 stocks Dow Chemical It fell about 159 points or 0.39%.
The moves underscore Nvidia’s growing importance to the broader market. The semiconductor company’s market value exceeded $3 trillion this year become briefly The world’s most valuable public company, currently accounting for approximately 7% of the S&P 500 Index.
Corporate earnings season continues Thursday, with some notable consumer brands including Dollar General, ultimate beauty and lululemon sport. Campbell’s Soup and best buy Also on deck.
The personal consumption expenditures price index for July will be released on Friday.
