After the close last night, Nvidia earnings beat expectations ($0.81 vs street $0.75). Sales and guidance also beat the street. The shares traded 1-3% underwater through aftermarket and early premarket trading but in the last hour or so, they have started to climb and are currently up nearly 2.0% premarket.
Boosted by Nvidia’s rebound, US index futures are up 0.3%-0.4% this morning. European markets are also on the rebound with gains of 0.4% for the Dax and the FTSE.
Growing hostilities between Russia and Ukraine have had more of an impact on other markets. US Crude Oil is up 1.9% this morning trading back up above $70.00/bbl. In other commodity action, Natural Gas is up 5.5%, but Copper is down 0.4%. Gold is up another 0.6%.
Cryptocurrencies continue to soar on speculation that the incoming Trump Administration could bring wider acceptance. Bitcoin is approaching $100,000 with a 3.4% gain, while Ether is up 8.4%.
Today’s economic numbers are mixed. Canada industrial prices (1.2% vs street 0.3%) and Canada raw material prices (3.8% vs street -1.5%) were stronger than expected, confirming inflation is starting to re-accelerate. In the US, weekly jobless claims were better than expected (213K vs street 220K) but the Philadelphia Fed Manufacturing Survey (-5.5 vs street 8.0) had a tough month, but even that does not seem so bad compared to how the Sixers have been doing. Tomorrow brings Flash Manufacturing and Flash Service PMI reports from around the world plus Retail Sales numbers for the UK and Canada.