US Stock Market Surges on Nvidia’s Stellar Performance and Varied Earnings Results

US Stock Market Surges on Nvidia's Stellar Performance and Varied Earnings Results

Key Points:

  • Nvidia’s impressive fourth-quarter performance propels its stock up by 15.12%, driving positive sentiment in the tech sector.
  • Moderna surprises with a fourth-quarter profit, boosting its stock by 10.97%.
  • Rivian faces a significant downturn in its stock price following disappointing production guidance and job cuts.
  • Etsy sees an 8.19% decline in stock value due to lower-than-expected first-quarter sales projections.

On Thursday, the U.S. stock market experienced significant gains, driven by robust earnings from Nvidia, a leading artificial intelligence (AI) chip sector player. Investor sentiment was buoyed by Nvidia’s stellar fourth-quarter results and optimistic outlook, setting a positive tone ahead of further corporate earnings releases and key economic data.

The U.S. stock market at 11:50 AM (ET) indices showed a strong performance. The S&P 500 surged by 1.62%, reaching 5062.62, indicating bullish sentiment and robust investor confidence. The Nasdaq 100 index experienced even more significant gains, rising by 2.54% to 17923.55, reflecting a particularly bullish trend in technology. Meanwhile, the Dow 30 remained steady at 38863.73 USD, showcasing resilience despite not experiencing as substantial gains as its counterparts. Overall, the market sentiment appears optimistic, with investors showing confidence in major indices’ upward trajectory, particularly those driven by tech-related stocks.

Nvidia’s stock soared by an impressive 15.12% following its better-than-expected revenue announcement and bullish forecast for AI-driven chip demand. This surge also had a ripple effect on other technology stocks, with Palantir Technologies, Advanced Micro Devices (AMD), and Super Micro Computer all posting substantial gains.

Meanwhile, Moderna’s unexpected fourth-quarter profit, attributed to cost-cutting measures and deferred payments, propelled its stock by 10.97%. However, Etsy experienced an 8.19% decline in its stock price after warning of a potential decrease in first-quarter gross merchandise sales due to weak demand for certain items on its online marketplace.

The electric truck maker Rivian saw a significant downturn, with its stock plummeting over 26.58% after reporting annual production guidance below Wall Street estimates and announcing extensive job cuts. Cheniere Energy faced a 3.20% decline in its stock price after reporting a decrease in full-year LNG revenue attributed to falling natural gas prices. Similarly, Fiverr International experienced a 9.31% drop in its stock value due to disappointing fourth-quarter results and underwhelming revenue guidance for the next quarter.

The EUR to USD pair hovers at 1.08105, witnessing a slight downtrend of 0.07%, while the USD to JPY pair maintains its strength at 150.619, showing a stable 0.23% increase. Conversely, the AUD to USD pair declines, settling at 0.65409, down by 0.14%. Meanwhile, the USD to CHF pair strengthens by 0.25%, reaching 0.88168.

Crude oil futures rose to $78.57 per barrel, a gain of 0.85%, with Brent crude futures climbing to $83.59 per barrel, up by 0.67%. Conversely, Henry Hub natural gas futures experienced a decline, dropping to $1.670 per unit, marking a decrease of 5.81%. Meanwhile, RBOB gasoline futures showed a slight uptick at $2.5328 per gallon. Gold decreased to $2031.0 per ounce in metals futures, down by 0.16%.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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