US Stock Market Today: Nasdaq Jumps 1.5%; S&P 500, Dow Jones See Uptick Ahead Of Nvidia Earnings
Nvidia's stock was up 3.2%, trading at $187.16, ahead of the AI giant's much-awaited quarterly results.
The tech-heavy Nasdaq Composite jumped in early trade, rising around 1.5%, whereas the S&P 500 and Dow Jones Industrial Average also recorded notable upticks. The positive start for the Wall Street comes ahead of the third quarter earnings of Nvidia, scheduled to be released on Wednesday.
At 10:06 am (local time), the Nasdaq Composite was up 1.47%, or 329 points, at 22,751.89. The S&P 500 rose 0.85% or nearly 57 points at 6,670, whereas Dow Jones s was 0.24%, or 108 points, at 46,200.54.
Nvidia's stock was up 3.2%, trading at $187.16. Analysts are estimating more than 56% year-on-year rise in revenue to $54.92 billion for the August-October quarter. While the jump seems significant, it is still far off from the triple-digit growth the company registered for many preceding quarters.
Others in the Magnificent Seven, namely Google parent Alphabet Inc., Microsoft Corp., Apple Inc., Meta Platforms Inc., Amazon.com Inc., and Tesla Inc. traded mixed after the market opened.
While Alphabet's stock surged nearly 6% to trade at $301.05 as of 9:50 a.m. (local time), shares of Meta, Amazon, and Microsoft edged lower by 1.04%, 1.56% and 0.22%, respectively.
Tesla and Apple were part of the gainer's team after they rose 1.14% to $405 and 1.02% to $270.13, respectively.
After the US markets opened, spot gold advanced 1.39% to trade at $4,124.05 an ounce, while on the flip side, crude oil prices declined with the West Texas Intermediate trading nearly 3% lower at $58.89 a barrel.
Global benchmark Brent Crude was also in the red and traded 2.73% lower at $63.12.
In the currency market, the Bloomberg Dollar Spot Index rose 0.2% while the euro fell 0.2% to $1.1560. The British pound fell 0.3% to $1.3109 and the Japanese yen fell 0.6% to 156.46 per dollar
Bitcoin, the largest traded cryptocurrency, fell 0.7% to $91,780.35.
